Concrete Products

JUL 2019

Concrete Products covers the issues that attract producers of ready mixed and manufactured concrete focusing on equipment and material technology, market development and management topics.

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Page 13 of 103

12 • July 2019 GOVERNMENT AFFAIRS POLICY A prime example of urban development spurred by tax reform President Trump signed in 2017 is taking shape in southern California. Newport Beach real estate developer and investment manager Primior staged groundbreaking late last month on First Harbor Plaza, a 40,000-sq.-ft. restaurant, retail, office and med- ical property located in one of the busiest areas of Santa Ana, south of Los Angeles. The population within a five-mile radius of the property exceeds 750,000. The site is part of an Opportunity Zone as defined by the Tax Cuts & Jobs Act, whose authors aimed to help to revitalize economically distressed communities through private invest- ment versus taxpayer dollars. Opportunity Zones have now been designated in all 50 U.S. states and the District of Columbia. Taxpayers investing in a Qualified Opportunity Zone via an Opportunity Fund can benefit from capital gains tax incen- tives available exclusively through the program. Moreover, in comparison to other financing vehicles that encourage private investment in low-income areas through tax advantages, the Opportunity Zone program is less restrictive, costly and reliant upon government agencies. "We are pleased to be developing one of the first proper- ties of this type in Santa Ana under this important program," says Primior CEO Johnney Zhang. "The positive impact this innovative financing model will have on the local community in terms of strong economic opportunities and an enhanced quality of life has led us to seek out areas where we can make a contribution." Developer shows the promise of tax reform-ushered Opportunity Zones First Harbor Plaza Building 1 encompasses some 14,500 square feet in two large anchor suites and five smaller spaces on the first floor, with the same configuration on the second floor. RENDERING: Primior HPGM Planetary Countercurrent Mixer Flying Bucket Transport DWM Twin-Shaft Mixer Wiggert Control System 603.431.5661 ACT is the American Division of Wiggert & Co.

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