Economic Development Director Notes Grantsville Opportunity Zones

Last Updated on Nov 27, 2018 at 12:38pm | Strategic Advantages

Article courtesy of NCWV Media - The Republican. Staff Writer: Brenda Ruggiero. Photo Credit: Brenda Ruggiero.
 
 
Mike Hough, director of Garrett County Economic Development, was the guest speaker at the regular meeting of the Greater Grantsville Business Association at Penn Alps on Oct. 31.
 
He spoke about the opportunity zones that are available in Garrett County, and particularly in Grantsville.
 
“When you think about opportunity zones, unfortunately they are across the entire country,” he said. “If you Google opportunity zones, you’ll find them in Allegany County, West Virginia, Florida ... so you find you do have a lot of competition. But when you think about the I-68 corridor, Grantsville’s right along that, with the business park and the town of Grantsville, so there’s a lot of opportunity in that.”
 
Hough explained that the reasons to invest in opportunity zones include being able to defer the capital gains earned and also having the taxes permanently reduced by 15 percent if the property is kept for seven years.
 
He stated that what he likes even more is that if the property is held for 10 years, whenever it is sold, the owner can walk away tax-free.
 
“So those are the big two tax advantages of an opportunity zone,” he said.
 
He also noted that the project does not have to be up and running immediately, but can be placed in a fund with the intent to invest in the opportunity zones.
 
Hough answered several questions from the group about the presentation.
 
County Commissioner Paul Edwards noted that other incentives are also available in the area since Grantsville is an Arts & Entertainment District.
 
“For Garrett County to take advantage of these opportunity zones, it’s going to take somebody who is from Garrett County — people who have a vested interest, in my personal opinion,” Hough said.
 
He noted that the opportunity zones are brand new, and he doesn’t think that any funds have been created in Maryland yet because people are still waiting.
 
He stated that Kim Durst has done a “wonderful job” of updating the county’s website to enable users to search for land for sale, opportunity zones, and tax advantages.
 
More can be found at www.gcedonline.com.
 
In other business:
 
--Members cast ballots for the 2019 GGBA board of directors and officers. The tallies resulted in only one change, with new board member Lisa Skipper from Mountain Laurel Medical Center.
 
--There is still a vacancy for the vice president’s position. The board is looking for someone to fill that spot and then move into the role of president in 2020.
 
Besides Skipper, current board members are Cheryl Bender, Byco Enterprises (treasurer); Leah Diehl, First United Bank (president); Emily Newman-Edwards, Fronterra Resources (secretary); Tracy Fratz, Penn Alps Restaurant & Craft Shop; Regina Holliday, The Walking Gallery; Paula Sheffield, First United Bank; and Blake Walker, First United Bank.