Report November 15, 2019


Economic Development Report
Sarasota Sister Cities
November 15, 2019

Reports: economicdevelopmentreports.blogspot.com
Economic Development Information: Sarasotasistercities.com


We conducted our Economic Development Presentation on November 7, 2019 at the Selby Library. The City, County, and Sylva Kanderal made excellent presentations.

The purpose of the presentations was to inform our Members about Economic Development in the City and County of Sarasota and how to make a business investment to secure a Visa Green Card. The presentations can be found on our Economic Development blog at sarasotasistercities.com. The presenters were:

Presenters

Destin Wells 
VP of Business Development Services
Sarasota County

Steve Stancel 
GM Economic Development 
City of Sarasota 

Sylva Kanderal and Craig Hullinger 
Investments to secure a Visa Green Card EB-5

Moderator
Craig Hullinger
VP Economic Development
Sarasota Sister Cities

_____________________ 

We will work with Mike Fehily to try to find a carrier who would link our metro area to Merida. Our metro area including the Tampa Bay region has almost 4,000,000 people, while the State of Yucatan including Merida and Cancun has almost 2,000,000. A sea or air link would increase trade and tourism among the two regions. This is a long shot, but we will give it a try. 

Connections Merida and Sarasota
Sarasota has an established relationship with Merida, Yucatan, Mexico, directly across the Gulf of Mexico. The two cities have conducted numerous exchanges and desire to increase travel and economic links among the regions.

At present there is no direct air or sea connection between the two regions. A connecting flight to Houston or Miami is required and there is no sea connection.
A direct connection between Yucatan and the Sarasota / Manatee / Tampa / Clearwater metro area could be very successful. Yucatan including Merida and Cancun have over 2 million people. Tampa / Clearwater / Sarasota / Manatee metros have nearly 4 million people.

Population____Metro Area_

__
2,097,000____Yucatan including Merida


3,142,663___  Tampa Clearwater Metro
   821,473___  Sarasota Manatee Metro

3,964,136___  Sarasota / Manatee / Tampa / Clearwater 

Yucatán, the Mexican state, is known for its Gulf of Mexico beaches and Mayan ruins. Famed Chichén Itzá encompasses a massive pyramid, ball court and stone temples. Other Mayan sites include Ek Balam, noted for well preserved sculptures, and Uxmal, with its intricate carved facades. Yucatán’s capital and largest city, Mérida, has a Spanish colonial history reflected in buildings such as 16th-century Mérida Cathedral.

Population: 2.097 million (2015)

GDP: US$ 9,191,180.625

Sarasota metropolitan area is a metropolitan area located in Southwest Florida. The metropolitan area is defined by the Office of Management and Budget as the North Port–Sarasota–Bradenton metropolitan statistical area as a metropolitan statistical area (MSA) consisting of Manatee County and Sarasota County.[1] The largest cities in the MSA are North Port and Sarasota (both in Sarasota County) and Bradenton (in Manatee County). At the 2010 Census, the MSA had a population of 702,281. The Census Bureau estimates that its population was 821,573 in 2018.

Tampa–St. Petersburg–Clearwater Metropolitan Statistical AreaEdit

The population of the Tampa Bay MSA is estimated at 3,142,663 people as of 2018.

Action Plan



Sarasota Sister Cities Economic Development will contact air and sea providers in an effort to find a carrier who would establish service.


More info contact:   

Craig Hullinger  sarasotasistercities@gmail.com  309 634 5557


Economic Development Presentation Nov 7, 2019

Economic Development Presentation
Nov 7, 2019 4:00 pm
Selby Library at 5 Points
followed by a Meet and Greet

Sarasota Sister Cities will conduct a panel presentation on Economic
Development in Sarasota.  The presentation will be on November 7, 2019
at the Selby Library at 5 Points in Downtown Sarasota 4:00 pm followed
by a Meet and Greet at a location nearby.


Discussion Goal


Inform our Members about Economic Development in the City and County of
Sarasota and how to make a business investment to secure a Visa Green Card.


Presenters


Destin Wells 
VP of Business Development Services
Sarasota County


Steve Stancel 
GM Economic Development 
City of Sarasota 


Sylva Kanderal and Craig Hullinger 
Investments to secure a Visa Green Card EB-5


Moderator
Craig Hullinger
VP Economic Development
Sarasota Sister Cities

More info contact: 
Craig Hullinger sarasotasistercities@gmail.com  309 634 5557




Economic Development Report October 18, 2019

We have planned our Economic Development Presentation for November 7, 2019 at the Selby Library in Downtown Sarasota 4:00 pm followed by a Meet and Greet at a location nearby. We will Inform our Members about Economic Development in the City and County of Sarasota, as well as the EB-5 program which provides Visa Green Cards for people who make significant business investments.

We have speakers from the Economic Development Departments of the City and County of Sarasota. Sylva Kanderal and I will explain the EB-5 Program. More info below.

We have written a first draft of a proposal calling for improved air and sea travel between Sarasota and Merida. Details below:

We reworked the Economic Development blog, eliminating most of the historic photographs and posts per the direction of our President. The site is:




Which forwards to:

https://sarasotasistercities.blogspot.com/

Both addresses work.

We are working with Sister City Communication team to integrate Economic Development information with the Web site. We submitted two alternative drafts of the proposed Economic Development page for the new Web Site.

Sea and Land Connections Merida and Sarasota


Sarasota has an established relationship with Merida, Yucatan, Mexico, directly across the Gulf of Mexico. The two cities have conducted numerous exchanges and desire to increase travel and economic links among the regions.



At present there is no direct air or sea connection between the two regions. A connecting flight to Houston or Miami is required and there is no sea connection.


A direct connection between Yucatan and the Sarasota / Manatee / Tampa / Clearwater metro area could be very successful. Yucatan including Merida and Cancun have over 2 million people. Tampa / Clearwater / Sarasota / Manatee metros have nearly 4 million people.

Population
____Metro Area_

__
2,097,000____Yucatan including Merida


3,142,663___  Tampa Clearwater Metro 
   821,473___  Sarasota Manatee Metro 

3,964,136
___  
Sarasota / Manatee / Tampa / Clearwater 

Yucatán, the Mexican state, is known for its Gulf of Mexico beaches and Mayan ruins. Famed Chichén Itzá encompasses a massive pyramid, ball court and stone temples. Other Mayan sites include Ek Balam, noted for well preserved sculptures, and Uxmal, with its intricate carved facades. Yucatán’s capital and largest city, Mérida, has a Spanish colonial history reflected in buildings such as 16th-century Mérida Cathedral.

Population: 2.097 million (2015)

GDP: US$ 9,191,180.625 th

Sarasota metropolitan area is a metropolitan area located in Southwest Florida. The metropolitan area is defined by the Office of Management and Budget as the North Port–Sarasota–Bradenton metropolitan statistical area as a metropolitan statistical area (MSA) consisting of Manatee County and Sarasota County.[1] The largest cities in the MSA are North Port and Sarasota (both in Sarasota County) and Bradenton (in Manatee County). At the 2010 Census, the MSA had a population of 702,281. The Census Bureau estimates that its population was 821,573 in 2018.

Tampa–St. Petersburg–Clearwater Metropolitan Statistical Area



The population of the Tampa Bay MSA is estimated at 3,142,663 people as of 2018.
_____________________

Action Plan

Sarasota Sister Cities Economic Development will contact air and sea providers in an effort to find a carrier who would establish service.





Economic Development Report Sep 20, 2019

We have planned our Economic Development Presentation for November 7, 2019 at the Selby Library at 5 Points in Downtown Sarasota 4:00 pm followed by a Meet and Greet at a location nearby. We will Inform our Members about Economic Development in the City and County of Sarasota, as well as the EB-5 program which provides Visa Green Cards for people who make significant business investments. 

We have speakers from the Economic Development Departments of the City and County of Sarasota. Sylva Kanderal and I will explain the EB-5 Program. More info at: 
https://economicdevelopmentreports.blogspot.com/


We reworked the Economic Development blog, eliminating most of the historic photographs and posts per the direction of our President.  The site is:

www.sarasotasistercities.com

Which forwards to: 

https://sarasotasistercities.blogspot.com/


Both addresses work.

We are working with Sister City Communication team to integrate Economic Development information with the Web site. We submitted two alternative drafts of the proposed Economic Development page for the new Web Site.

We visited the City of Perpignan and discussed potential Economic Development efforts. Photos of the visit are posted on our Perpignan site.  
http://perpignansarasota.blogspot.com/

We visited with representatives of the regional Economic Development group. 

https://ec.europa.eu/growth/tools-databases/regional-innovation-monitor/base-profile/languedoc-roussillon




More info at sarasotasistercities.com  and

https://economicdevelopmentreports.blogspot.com/


We contacted the French American Business Council. Thanks to Gloria Grenier for providing the contact.

http://framco.org/


We refined our Printable Brochure


Economic Development Seminar Nov 7, 2019

We met with County and City Economic development officials
and told them about interest in helping them with Economic 
development efforts and gained their support for our proposed 
Seminar:

Sarasota Sister Cities is planning a panel discussion on Economic Development in Sarasota.  We plan to do the presentation on November 7, 2019 at the Selby Library at 4:00 pm.

Discussion Goal

Inform our Members about Economic Development in the City and County of Sarasota, with an emphasis on possible foreign investment in our Opportunity Zones. Many of our members and members of our affiliated organizations have individuals who would like to have a green card and have the resources available to make investments.

Panel Discussion

We would ask each of you to present what your organization does in Economic Development. Each of you would have about ten to fifteen minutes. Craig Hullinger will moderate the presentation. Destin, you would start, providing the big picture about Economic Development. Steven we would like some emphasis on Opportunity Zones. Sylva Kanderal and Craig Hullinger will discuss the EB-5 process, with an emphasis on investments in our opportunity zones.

Presenters

Destin Wells VP of Business Development Services, Sarasota County

www.edcsarasotacounty.com


Steve Stancel GM Economic Development, City of Sarasota 
https://www.sarasotafl.gov/government/city-manager/office-of-economic-development



Sylva Kanderal, Events Coordinator of Sarasota Sister Cities and Craig Hullinger will present the EB-5 process, with an emphasis on Opportunity Zones in Sarasota
Sylva Kanderal <Sylva_Events@sarasotasistercities.com>


______________________


Hi Craig,

Thank you for reaching out. We would be glad to participate. Destin Wells is our VP of Business Development Services and would be better suited for the panel. I have cc’ed him here and marked it on his calendar.

Also, I would like to introduce you two beforehand. I enjoyed our conversation and think it would be great to get the three of us together. Destin is traveling next week but if you give me some dates/times around the second week of June we could definitely make it work.

Have a great weekend,
Erin Silk
Director, Business Development Services
Economic Development Corporation of Sarasota County
1680 Fruitville Road, Suite 402
SarasotaFL 34236
(t) 941.309.1200 ext. 105 (f) 941.309-1209www.edcsarasotacounty.com

____________________________

Hi Craig,

Yes, I can make the presentation on November 7th.

Best Regards,

Steven Stancel




Stancel, Steven


____________________________



Craig Hullinger
Vice President Economic Development
309 634 5557

Web        sarasotasistercities.org 


Blog        sarasotasistercities.com


Economic Development Report May 20, 2019


I met with the Sarasota EDC, City of Sarasota Economic Development Office, and the Chamber - getting to know each other.  I told them I was from the government and was here to help.

I printed a short economic development brochure and have begun handing them out. You can see copies of the short and long brochure on our blog.

I am using the blog sarasotasistercities.com for our economic development site.  We will also post frequently on our Facebook, Twitter, and LinkedIn sites:


I am driving and learning our Opportunity Zones and also learning more about incentives that the City, County, and State provide for economic development. 

We will follow up on the announcement at our last luncheon that a business incubator program will be established with Tel Mond. Sounds great.

I keep a copy of my Economic Development Reports on

We are following the Sustainable Economic Development Strategy that we developed at:
Your comments and suggestions are welcomed.

We will be putting together a program combining the cities Opportunity Zones with EB-5 Business investment programs. The idea here is that Sarasota and the State and Federal government want redevelopment and jobs in poor areas of the city and the EB-5 program provides a green card for people willing to invest a million dollars in qualified economic development projects, and only 1/2 million for investments in an Opportunity Zone.  Some of our international members have already invested in this program. You can see the opportunity zone map for Sarasota on our blog: sarasotasistercities.com and below:

_____________________



Four areas of City of Sarasota designated ‘Opportunity Zones’ for investment


Revitalization encouraged under aegis of federal program





This map shows the four zones. Image courtesy City of Sarasota

Four economically distressed areas of the city of Sarasota soon could see long-term investment and job creation after being designated “Qualified Opportunity Zones” under the federal Tax Cuts and Jobs Act of 2017, the city has announced.
The federal program “helps to revitalize low-income communities by providing tax advantages for private individuals and corporations” that invest in an Opportunity Zone Fund, a city news release explains. The program “encourages the private sector to reinvest capital gains from other investments into businesses and start-ups located in these Qualified Opportunity Zones,” the release adds.

Click to read the full article:


__________________________________________________________________________

The Federal Government enacted major new legislation to spur economic development. Opportunity Zones are designed to spur economic development by providing substantial tax benefits to investors. 
______________________________________________

IRS Info

Q. What is an Opportunity Zone?

A. An Opportunity Zone is an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. Localities qualify as Opportunity Zones if they have been nominated for that designation by the state and that nomination has been certified by the Secretary of the U.S. Treasury via his delegation of authority to the Internal Revenue Service.


Q. How were Opportunity Zones created?

A. Opportunity Zones were added to the tax code by the Tax Cuts and Jobs Act on December 22, 2017.

Q. Have Opportunity Zones been around a long time?

A. No, they are new. The first set of Opportunity Zones, covering parts of 18 states, were designated on April 9, 2018. Opportunity Zones have now been designated covering parts of all 50 states, the District of Columbia and five U.S. territories.  


Q. What is the purpose of Opportunity Zones?

A. Opportunity Zones are an economic development tool—that is, they are designed to spur economic development and job creation in distressed communities.


Q. How do Opportunity Zones spur economic development?

A. Opportunity Zones are designed to spur economic development by providing tax benefits to investors. First, investors can defer tax on any prior gains invested in a Qualified Opportunity Fund (QOF) until the earlier of the date on which the investment in a QOF is sold or exchanged, or December 31, 2026. If the QOF investment is held for longer than 5 years, there is a 10% exclusion of the deferred gain. If held for more than 7 years, the 10% becomes 15%.  Second, if the investor holds the investment in the Opportunity Fund for at least ten years, the investor is eligible for an increase in basis of the QOF investment equal to its fair market value on the date that the QOF investment is sold or exchanged.


Q. What is a Qualified Opportunity Fund?

A. A Qualified Opportunity Fund is an investment vehicle that is set up as either a partnership or corporation for investing in eligible property that is located in a Qualified Opportunity Zone. 


Q. Do I need to live in an Opportunity Zone to take advantage of the tax benefits?

A. No. You can get the tax benefits, even if you don’t live, work or have a business in an Opportunity Zone. All you need to do is invest a recognized gain in a Qualified Opportunity Fund and elect to defer the tax on that gain.


Q. I am interested in knowing where the Opportunity Zones are located. Is there a list of Opportunity Zones available?

A. Yes. The list of designated Qualified Opportunity Zones can be found at Opportunity Zones Resources and in the Federal Register at IRB Notice 2018-48.  Further a visual map of the census tracts designated as Qualified Opportunity Zones may also be found at Opportunity Zones Resources.


Q: What do the numbers mean on the Qualified Opportunity Zones list, Notice 2018-48? 

A: The numbers are the population census tracts designated as Qualified Opportunity Zones.


Q: How can I find the census tract number for a specific address? 

A: You can find 11-digit census tract numbers, also known as GEOIDs, using the U.S. Census Bureau’s Geocoder.  After entering the street address, select ACS2015_Current in the Vintage drop-down menu and click Find.  In the Census Tracts section, you’ll find the number after GEOID.


Q. I am interested in forming a Qualified Opportunity Fund. Is there a list of Opportunity Zones available in which the Fund can invest?

A. Yes. The list of designated Qualified Opportunity Zones in which a Fund may invest to meet its investment requirements can be found at Notice 2018-48.


Q. How does a corporation or partnership become certified as a Qualified Opportunity Fund?

A. To become a Qualified Opportunity Fund, an eligible corporation or partnership self-certifies by filing Form 8996, Qualified Opportunity Fund, with its federal income tax return. Early-release drafts of the form and instructions are posted, with final versions expected in December. The return with Form 8996 must be filed timely, taking extensions into account.


Q: Can a limited liability company (LLC) be an Opportunity Fund?

A: Yes.  A LLC that chooses to be treated either as a partnership or corporation for federal tax purposes can organize as a Qualified Opportunity Fund.


Q.  I sold some stock for a gain in 2018, and, during the 180-day period beginning on the date of the sale, I invested the amount of the gain in a Qualified Opportunity Fund.  Can I defer paying tax on that gain?

A. Yes, you may elect to defer the tax on the amount of the gain invested in a Qualified Opportunity Fund. Therefore, if you only invest part of your gain in a Qualified Opportunity Fund(s), you can elect to defer tax on only the part of the gain which was invested.


Q. How do I elect to defer my gain on the 2018 sale of the stock?

A.  You may make an election to defer the gain, in whole or in part, when filing your 2018 Federal Income Tax return. That is, you may make the election on the return on which the tax on that gain would be due if you do not defer it. 


Q. I sold some stock on December 15, 2017, and, during the required 180-day period, I invested the amount of the gain in a Qualified Opportunity Fund.  Can I elect to defer tax on that gain?

A. Yes. You make the election on your 2017 return. Attach Form 8949, reporting Information about the sale of your stock. Precise instructions on how to use that form to elect deferral of the gain will be forthcoming shortly. 


Q. Can I still elect to defer tax on that gain if I have already filed my 2017 tax return?

A. Yes, but you will need to file an amended 2017 return, using Form 1040X and attaching Form 8949.


Q. How can I get more information about Opportunity Zones?

A. Over the next few months, the Treasury Department and the Internal Revenue Service will be providing further details, including additional legal guidance, on this new tax benefit. More information will be available at Treasury.gov and IRS.gov.