LAS VEGAS/RENO – Michael Hillerby and Jennifer Lazovich successfully lobbied to include two census tracts in the Opportunity Zones recently approved by Governor Brian Sandoval. Sandoval nominated 61 opportunity zones to the U.S. Department of the Treasury, pursuant to the Tax Cuts and Jobs Act of 2017, which established an Opportunity Zone tax incentive designed to encourage long-term private investment in low-income communities.
Michael Hillerby supported the City of Reno’s nominations for Opportunity Zones, and was able to successfully add a tract in the crucial Midtown District. The area connects the City of Reno’s nominated tracts in the Downtown/Truckee River Corridor with the tracts nominated in the Plumb Lane area. The Midtown District is an important part of the City’s Urban Corridor Master Plan, and the site of some of the most exciting adaptive reuse of historic buildings by local businesses.
Jennifer Lazovich successfully included a tract located near Desert Inn and Rancho Road in the City of Las Vegas. Inclusion within an Opportunity Zone will further assist in the development of vacant parcels and redevelopment of the surrounding area. Previously, the City of Las Vegas City Council approved plans for a new entertainment venue called Area 15 which is located within the approved Opportunity Zone.
Once the nominated tracts have been certified by the U.S. Department of the Treasury, interested private investors can deploy capital in these areas through investments in opportunity funds.
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