Table of Contents
- Update on Understanding Hawaii’s Opportunity Zones
- October-November 2019 – HI OZ Investment Ready Workshops
- Early 2020 – HI OZ SHOWCASE
Update on Understanding Hawaii’s Opportunity Zones
October 17, 2019
8:00 am Registration; Program 9:00 am – 1:30 pm including Lunch
Fuller Hall, YWCA, 1040 Richards St, Honolulu; Cost: $40.
Please join us in taking a deep dive into the tax, legal and business details of investing in Hawaii’s Opportunity Zones (HI OZ), a community development program authorized by the recently passed Federal Tax Cuts and Jobs Act of 2017. This tax initiative provides incentives for investors to re-invest capital gains into Opportunity Funds in exchange for temporary and long-term tax deferral and other benefits. The Opportunity Funds are then used to provide investment capital to economically challenged communities, i.e., Opportunity Zones.
National experts will cover all aspects of this federal initiative to direct investment capital into economically challenged areas of the state. This seminar is designed for CPAs, lawyers, bankers, real estate brokers, potential investors and financial advisors. Also, this seminar will address many questions of business owners and real estate developers who are considering seeking an Opportunity Fund investment. This event is sponsored by the Department of Business, Economic Development and Tourism (DBEDT), the Hawaii Society for Certified Public Accountants (HSCPA) and the Hawaii Community Reinvestment Corporation (HCRC).
Brent Parker, CPA
Novogradac & Company
Brent Parker is a principal in the Long Beach, Calif., office of Novogradac & Company LLP. Mr. Parker is experienced in affordable housing and community development, nonprofit organizations and public housing authorities, historic rehabilitation, and renewable energy, with a particular focus on the low-income housing tax credit (LIHTC), renewable energy tax credit (RETC), new markets tax credit (NMTC) and historic tax credit (HTC) industries. In addition to providing various consulting and forecasting services, he has worked extensively on financial statement audits and tax planning and tax return preparation. Mr. Parker is a contributor to the Novogradac Journal of Tax Credits and leads professional development training efforts on various complex taxation concepts. Mr. Parker received a bachelor’s degree in accounting from the University of Southern California and is a certified public accountant in California.
Snell & Wilmer
Marc Schultz is based in Phoenix, Arizona and his practice is concentrated in federal, local and state taxation matters, including complex transactions involving corporations, limited liability companies, limited partnerships, tax exempt entities, and real property. Marc regularly engages in advising clients with respect to mergers and acquisitions, joint ventures, formation of private investment funds, tax credit financing, and energy transactions. Marc founded and co-chairs the firm’s Opportunity Zones and Funds Industry Group. Marc has represented investors, developers, and syndicators with respect to Low-Income Housing Tax Credit transactions, and has represented numerous parties with respect to transactions involving New Markets Tax Credits, Historic Tax Credits, and Renewable Energy. Marc is a regular speaker and panelist on the subject of tax credit finance and the Opportunity Zone incentive, and has written numerous articles and has been quoted in many publications with respect to these subject areas. Marc is currently representing investors, fund sponsors, and developers with respect to the Opportunity Zone incentive.
Rachel Reilly (invited)
Director of Impact Strategy
Economic Innovation Group,
Rachel Reilly leads the organization’s work to support communities, policymakers and investors in their efforts to catalyze sustainable economic growth across the country through Opportunity Zones and other forward-thinking initiatives. Previously, Rachel was the Director of Impact Investing at Enterprise Community Partners where she expanded community investment opportunities for people and businesses. Rachel was at the helm of Enterprise’s engagement with Opportunity Zones, and her portfolio of work included leading Enterprise’s $100 million debt offering – the Impact Note – in addition to policy and advocacy activities related to impact investing.
President and Executive Director
Hawaii Community Reinvestment Corporation (HCRC)
HCRC is a 501(c)3 is a community based non-profit corporation founded in 1990. The mission of HCRC is to facilitate affordable housing, community development, and economic development throughout the State of Hawaii by providing innovative financing, training, and consulting services. After 25 years of a “traditional banking” career with Central Pacific Bank, Bank of Hawaii, and Union Bank she made a career change and joined HCRC as the Executive Director 2015. She also serves on the Federal Home Loan Bank Affordable Housing Advisory Council and former HANO Director, Treasurer and Board Chair. Heather’s banking experience and work with non-profits has helped her gain a deep understanding of the financing needs and challenges that community organizations and small businesses face in Hawaii.
Mark J. Ritchie
Branch Chief, Business Support
Department of Business, Economic Development and Tourism
Mark Ritchie joined the Department of Business, Economic Development and Tourism (DBEDT) five years ago as the Branch Chief for Business Support services. Mark’s branch has responsibility for the Enterprise Zone and the CBED (Community-based Economic Development) programs, which includes promoting Hawaii’s Opportunity Zones. Prior to DBEDT Mark served in the following positions: Chief Business Development Officer at Kuehnle AgroSystems, Inc., a Hawaii life science start-up; Managing Director at Enterprise Honolulu (EH), a private sector Oahu economic development agency; Product Manager at SGI (SiIicon Graphics), a high-performance computing company; and various economic development positions in several global trade and inward investment organizations.
October-November 2019 – HI OZ Investment Ready Workshops
If you have a project in an OZ or if you would like to start a project in an OZ, DBEDT would like to hear from you! We are particularly interested in projects that have positive community economic benefits. DBEDT is organizing workshops for owners of Businesses or developers of Business Real Estate Projects located in OZs and are interested in receiving an investment from an OZ Fund. The workshops will help the participants understand what it takes to become “investment ready” for an OZ Fund Investment. Qualified businesses and projects will have the option to participate in the HI OZ Investment Ready Program. The program includes completing a HI OZ Business Profile to be made available to OZ Funds through the DBEDT website and HI OZ Business/Project Executive Summary to be presented to OZ Funds at the HI OZ Showcase, scheduled for early next year.
These workshops will be coordinated by Hawaii Community Reinvestment Corporation. Workshops will be held on Oahu, Kauai, Maui and Hawaii Island (Hilo and Kona) in late October and November.
If you are interested in participating, please tell us more about your project and we’ll get back to you within a week with further details.
Early 2020 – HI OZ SHOWCASE
This event is to showcase HI OZ Investment Ready Projects* to OZ Fund Managers from Hawaii and across the US.
*HI OZ Investment Ready Projects are required to participate in a HI OZ Investment Ready Workshop (see above) and complete the HI OZ Business Profile and HI OZ Business/Project Executive Summary, which will be reviewed and accepted by HCRC & DBEDT.
The event will be held on Oahu.
Save the Date and Registration information will be posted once the date is confirmed.