He 'owns' the face of wealth-creation here, unwittingly since February when it was revealed he snatched-up entitlements to more than eight Main Street properties.
Back in 2017 both Worsley and Mesa Mayor John Giles, along with Worsley's business partner W. Tim Sprague, were captured in an image meeting with two of the principals from the Caliber Wealth Development Company (one on the far left is Chris Loeffler, Caliber Founder and CEO.)
Just to show you that mixing-up politics and wealth-creation is what works here are John Giles and W. Tim Sprague [Worsley's Habitat Metro partner) standing in the middle of Main Street in downtown Mesa that's now qualified as a low-income, impoverished, distressed and neglected area three years after Valley Metro Light Service arrived and 13 years after the Mesa Arts Center failed to deliver on its promise to be the engine driving downtown economic development. Vibrant and exciting it's not, so let's see if tricking taxpayers to finance a new $200Million building for ASU will get the ball rolling and leverage that for some rampant real estate speculation for the wealth creation of millionaires . . . Oooops! What did they neglect to include in Re/Making Downtown? _________________________________________________________________________
Some do not qualify as 'low-income' neighborhoods, but do qualify since they are next to contiguous census tracts that meet the other criteria:
Falcon Field in District 5 and
Phoenix Mesa Gateway Airport in District 6 - that is one huge area in Southeast Mesa as you can see in the map.
There's another one in Southwest Mesa around the Fiesta Mall that's already attracted investors.Those designations might surprise some when the priorities are to draw additional funding and support into underserved communities.
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The Caliber Tax Advantaged Opportunity Zone Fund, LP was launched in July 2018, according to a press release from PR Businesswire yesterday. Press release, authored by Amber Liptai of BIG YAM, The Parsons Agency:Caliber’s Tax Advantaged Opportunity Zone Fund In Place To Support Executive Order To Increase Spending In Designated Opportunity ZonesThe Wealth Development Company is Among the Few with Qualified Funds
SCOTTSDALE, Ariz. (PRWEB) December 14, 2018
Development in underserved communities just received a boost from President Trump, and Arizona-based Caliber has a fund available for investors to take advantage of these new tax incentives.
To draw additional funding and support into underserved communities, President Trump has signed an executive order directing more resources to be funneled into Opportunity Zones. Created as part of the 2017 Tax Cuts and Jobs Acts, Opportunity Zones offer accredited investors significant tax breaks through participation in qualified Opportunity Zone funds. Still a young program, Caliber – The Wealth Development Company is one of the first organizations to offer Opportunity Zone investments with the July 2018 launch of the Caliber Tax Advantaged Opportunity Zone Fund, LP.
“We fully embrace the President’s executive order and the creation of a White House Opportunity and Revitalization council,” said Chris Loeffler, Caliber Founder and CEO. “National support for investments in Opportunity Zone projects is a critical element in restoring some of our country’s communities overlooked by traditional economic development activities, which strengthens our overall economy.”
Through the Caliber Tax Advantaged Opportunity Zone Fund, LP, funding is invested directly into a diversified portfolio of assets in qualifying zones, allowing investors to take advantage of reductions in capital gains tax. Investors may see as much as a two times increase in an expected after tax rate of return on investment due to the benefits included in the program.
Caliber’s Opportunity Zone projects are already working to revitalize underfunded neighborhoods in Arizona such as downtown Mesa, downtown Tempe and downtown Tucson. . .
REQUIRED DISCLAIMER: Note To Investors This Press Release Is Provided Solely For Information Purposes And Does Not Constitute Legal Or Investment Advice. This Is Neither An Offer To Sell Nor A Solicitation Of An Offer To Buy Securities. While We Endeavor To Keep The Information Up To Date And Correct, We Make No Representations Or Warranties Of Any Kind, Express Or Implied, About The Completeness, Accuracy Or Reliability Of The Data And Summaries Contained In This Press Release Or The Suitability Of Any Separate Offering For Investors. There Are Risks Associated With Any Investment. In Making An Investment Decision, Investors Must Rely On Their Own Examination Of The Company They Wish To Invest In Including The Merits And Risk Involved. Any Forward Looking Statement Speaks Only As Of The Date On Which Such Statement Is Made, And We Undertake No Obligation To Update Any Forward Looking Statement To Reflect Events Or Circumstances After The Date On Which Such Statement Is Made.
Please Contact Caliber Directly At 480-295-7600 For Further Information.
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Can Opportunity Zone proponents beat back perceptions it’s an opportunity for the rich?
President Donald Trump attends a ceremony for the signing of an executive order establishing the White House Opportunity and Revitalization Council, in the Roosevelt Room of the White House, Wednesday, Dec. 12, 2018, in Washington.
At left is Sen. Tim Scott, R-S.C., and speaking at right is Bob Johnson, founder of BET.
[Jacquelyn Martin AP Photo]
"Republicans badly want to use Opportunity Zones to show voters they care about poor people. But problems with the program’s image —and execution — are making that difficult.
Democrats, who represent areas that could be helped by the program, also want Opportunity Zones to succeed. But they face criticism for being too sympathetic to an initiative Republicans largely authored.
Democrats, who represent areas that could be helped by the program, also want Opportunity Zones to succeed. But they face criticism for being too sympathetic to an initiative Republicans largely authored.
And Republicans are having to defend a program that is battling perceptions it’s a hastily-conceived handout to rich people.
Critics warn the program, which is still largely in the implementation stage, is designed to give tax breaks to real estate developers and make the wealthiest investors even wealthier.
. . . Those concerns were bolstered this week by reports that Trump, his son-in-law and senior adviser Jared Kushner and Trump’s close friend Richard LeFrak all had business interests in designated Opportunity Zones.
Read more from McClatchy's DC Bureau > click here
Streaming YouTube 18:23 upload
President Trump Participates in a Signing Event for an Executive Order
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Executive Order on Establishing the White House Opportunity and Revitalization Council
Economy & Jobs
Here's a link to the entire EXECUTIVE ORDER:
https://www.whitehouse.gov/presidential-actions/executive-order-establishing-white-house-opportunity-revitalization-council/
