DEVELOP MARKETING MATERIALS

CONTINUE TO ADD SHOVEL-READY PROJECTS TO THE WEBSITE

EXPLORE UNIQUE LOCAL INCENTIVES 

DIRECTLY MARKET TO OZ FUNDERS

Opportunity Zones were created as part of the federal Tax Cut and Jobs Act of 2017 and are a federal economic development tool to spur investment in economically distressed communities.  As a result of the OZ program, investors, fund managers, and communities are able to use privately-sourced funds for eligible economic development and community reinvestment projects. Then in return for making long-term investments in communities challenged with access to capital, these investors can delay and reduce their tax bill on long- and short-term capital gains.

Governors in each state were given the opportunity to select Opportunity Zones from an eligible group of low-income census tracts. Florida has a total of 427 census tracts, two of which are located in Glades County accounting for the largest geographic Opportunity Zone in the state.  

Three Kinds of Investor Benefits  

IRS regulations allow a taxpayer to divert capital gains – proceeds from the sale of an eligible business or property – into an investment vehicle called a Qualified Opportunity Fund (QOF). The law allows these investors to realize benefits in three ways depending on the duration of the investment.

Deferral: The investor can delay paying taxes on the original short or long-term gain until December 31, 2026. This option applies to gains for any kind of appreciated asset and is an alternative to using other tax avoidance measures such as a 1031 exchange. 

Reduction:The total tax bill is reduced by adjusting the cost basis of the original asset. The cost basis is increased by 10% if the investment is made by December 31, 2021 and held for at least 5 years.

Exclusion: Patient investors are rewarded with a permanent 100% exclusion of taxes from the sale or exchange of an investment in an Opportunity Fund if the investment is held for at least 10 years. This means any appreciation is tax-free. 

Hotel

Glades County purchased the site of the former Glades Inn located at 1100 US 27 with the intent to redevelop the site into a 60-room hotel. The Board of County Commissioners is in the process of publishing a Request for Proposals to solicit proposals from developers to build out the hotel as well as provide additional amenities to Moore Haven. The list of potential add-ons includes an adjoining restaurant and/or lounge to serve the hotel, extended-stay suites, professional offices, retail outlets, and a grocery store. Residential apartments may also be a component to the proposal as the discretion of the Board; however, the 60-room motel/hotel is required as part of any eligible proposal. A site feasibility study is being conducted to help determine the viability of these business models. This 5-acre site is shovel ready and awaiting Opportunity Fund investment.

To download the parcel report provided by the Glades County Property Appraiser’s office, click HERE.

Americas Gateway Logistics Center (AGLC) 

770-acre master-planned, mixed-use industrial park adjacent to nearly 2,000 acres  rezoned for Mixed Use Planned Development by Glades County. AGLC is a shovel-ready site with water, sewer, electricity and competitively priced at $52,000/acre. The Glades County Regional Training Center is adjacent to the site and allows for easy access to the educational facility.

The AGLC site is 40 minutes from I-75 at Punta Gorda via US 27, the major freight corridor for trucks traveling to and from Port Miami and Port Everglades. The site is rail-served by the South Central Florida Express rail line, which connects with both CSX and Florida East Coast Railroad.

Additional Investment Opportunities

• Retail – Grocery Store
• Restaurant – The Ketch
• Mixed-Use Residential

DEVELOP MARKETING MATERIALS

LEADER: Jeff Brewington and Rosemary Fllori

WHO: City of Moore Haven, Glades County, Glades County EDC, Glades Electric Cooperative 

HOW: Work with Glades County EDC who received a State grant to develop printed materials and a video showcasing Opportunity Zone projects in Glades County. Use the Prospectus as a starting point and include one-page cut sheets for each shovel-ready project.  

WHEN:  Q2 2020 – Q3 2020 

CONTINUE TO ADD SHOVEL-READY PROJECTS TO THE WEBSITE

LEADER: Jeff Brewington, John Ahern, and Rosemary Fllori

WHO: City of Moore Haven, Glades County, Glades County EDC, Glades Electric Cooperative 

HOW: Qualified Opportunity Funds (QOF) are looking for projects that can be implemented as soon as possible to maximize the tax benefits of the program. The more shovel-ready projects identified, the better positioned Moore Haven and Glade​s County are to attract interested investors.  

WHEN:  Q2 2020 – Q4 2020 

EXPLORE UNIQUE LOCAL INCENTIVES 

LEADER: Mayor Bret Whidden and John Ahern 

WHO: City of Moore Haven, Glades County, Glades County EDC, Glades Electric Cooperative 

HOW: With 425 other Opportunity Zones in Florida alone, Glades County needs to further differentiate itself from its competitors. Tax abatement is already an available tool for commercial and industrial development; however, residential tax abatement is another tool that could be used to attract investors. Other potential incentives include discounted utilities (water, electric) and free or reduced land prices.

WHEN: Q3 2020   

DIRECTLY MARKET TO OZ FUNDERS

LEADER: Mayor Bret Whidden and John Ahern 

WHO: City of Moore Haven, Glades County, Glades County EDC, Glades Electric Cooperative 

HOW: There are hundreds of Qualified Opportunity Funds looking to invest in OZs across the US. The challenge is matching a QOF with a target area that aligns with their investment strategy. A select list of funders has been identified that aligns with Moore Haven’s desires and should be given top priority. The Steering Committee should utilize the OZ materials, including brochures for shovel-ready sites, to market ​the potential of​ Glades County and Moore Haven to these investors directly. Should their investment strategy not align with Glades County/Moore Haven, these well-connected investors can direct the Steering Committee toward alternative QOFs.

WHEN: Q3 2020 – Q4 2022