The #CityofNac is now the land of opportunity! In this episode of NacChat, Amy and Larissa discuss what opportunity zones are and how it will benefit our community.
“The creation of Opportunity Zones is one of the most significant provisions of the Tax Cut and Jobs Act. Incentivizing private investment into these low-income communities can be transformational, stimulating economic growth and job creation across the country, This Administration will work diligently with states and the private sector to encourage investment and development in Opportunity Zones and other distressed communities so that they may enjoy the benefits of robust economic growth.”
--Secretary Steven T. Mnuchin
To listen to the full episode, click here!
What's new with NEDCO? Larissa and Amy visit about some upcoming projects that are in the works. (00:43)
Amy brings up the new opportunity zones. Tune in to hear a great explanation of what these are! (1:15)
What is a capital gain? Larissa gives us an in depth view of what this means for our opportunity zones. (2:31)
Larissa says,"a capital gain is when you sell something over a certain amount of money and a portion of the sale goes back to the government."(6:10)
The tax bill that passed in 2017 created the opportunity zone program. (7:38)
Venture capital is explained as what funds are used for start up programs (similar to the TV show, "Shark Tank"). Tune in to understand how this can benefit our community! ( 7:17)
This program was created as a way to funnel this money to communities like ours. there are plenty of businesses that can add jobs and wealth to our communities if they had access to this venture capital. (8:41)
What places are eligible for zones? Larissa explains the criteria that were designed for this program. (9:53)
How were the communities chosen to be considered opportunity zones? (11:00)
Nacogdoches has been designated as an opportunity zone! Larissa explains how our community was accepted to the program. (12:29)
How can people invest in opportunity zones? Larissa explains how to bring outside dollars into our community. (13:30)
Larissa notes that this is not a grant program, but rather is an investment into our local businesses. (16:45)
Breakdown: "You invest your capital gains in this find, this fund then invests in a business or piece of property with the expectation that this business/property will be more valuable in the future." (17:13)
What kind of businesses are interested in this program? For more details, check out https://i69opportunityzone.com/ (18:03)
How to people find our community when looking for places to invest or build? (21:01)
How does this work if you are a business owner looking to build in Nacogdoches? (23:09)
It's time for the rumor-mill! Amy and Larissa discuss the uprising food truck culture and unique new dining options. (24:22)
This podcast ends with a special note from Larissa about Larry Cain, who will help local businesses bring their dreams to life. He can help in any stage of business ownership from start ups to selling! Find out more at https://bit.ly/2CpUPCA! (30:47)
Amy Mehaffey began her work with the City of Nacogdoches in July 2015. Prior to this, she worked as a 4-H Specialist for Texas A&M AgriLife Extension. In this role she did marketing and promotion for the Texas 4-H Youth Development Program and served as the event coordinator for Texas 4-H Roundup, the agency’s largest event. Amy graduated in May 2015 with her PhD in Recreation, Parks, and Tourism Sciences with an emphasis in youth development. During the pursuit of this degree she also received a certificate in Prevention Science and a Certificate in Non-Profit Management from the Bush School of Government and Public Service. Previously, she completed a Master’s of Science in Agricultural Communications at Texas A&M University and a Bachelor’s of Science in the same field at Texas Tech University. Amy is also a freelance photographer and enjoys Texas A&M football in the fall. She is married to John Michael Mehaffey who is a professor of Animal Science at Stephen F. Austin State University. They are proud parents to Hattie Mae Mehaffey, born September 1, 2016 and are expecting another, Hunter Leigh Mehaffey in July 2018.