HOUSE_OVERSIGHT_016417.jpg
Extraction Summary
2
People
7
Organizations
3
Locations
2
Events
2
Relationships
2
Quotes
Document Information
Type:
News article / investigative report (excerpt included in congressional oversight production)
File Size:
Summary
This document is a page from a House Oversight Committee production (Bates HOUSE_OVERSIGHT_016417) containing an excerpt of a news article regarding 'Opportunity Zones.' It details a massive development in Baltimore's Port Covington involving Under Armour and Goldman Sachs, discussing how developers like Weller Development navigated tax laws to secure benefits for pre-planned projects. It concludes by mentioning Boulder, Colorado, as a jurisdiction that rejected such designations.
People (2)
| Name | Role | Context |
|---|---|---|
| Sarah L. Voisin | Photographer |
Credited for the photo of Port Covington
|
| Siegel | Developer / Executive |
Associated with Weller Development, discussing investor demand and arm's-length requirements
|
Organizations (7)
| Name | Type | Context |
|---|---|---|
| The Washington Post |
Source publication for the photograph
|
|
| Getty Images |
Image licensor
|
|
| Baltimore City Council |
Approved financing package in 2016
|
|
| Under Armour |
Beneficiary of new offices in the development
|
|
| Goldman Sachs |
Investor via their urban investment group
|
|
| Weller Development |
Siegel's firm managing the project
|
|
| House Oversight Committee |
Implied by the Bates stamp 'HOUSE_OVERSIGHT'
|
Timeline (2 events)
2016
Baltimore city council approved a $660 million financing package
Baltimore
Baltimore City Council
Mid-December
Marathon city council meeting regarding opportunity zones
Boulder
Boulder City Council
Relationships (2)
Siegel said his firm, Weller Development...
project attracted a $233 million investment from Goldman Sachs’s urban investment group
Key Quotes (2)
"The tax break is only supposed to apply to real estate purchased after the law took effect. But lawyers across the country quickly began working around that to get the benefits for projects planned before the law was passed."Source
HOUSE_OVERSIGHT_016417.jpg
Quote #1
"“We’ve been fielding a lot of inbound interest,” Siegel said, declining to name cities that have approached him. “That stimulated us to take this show on the road.”"Source
HOUSE_OVERSIGHT_016417.jpg
Quote #2
Full Extracted Text
Complete text extracted from the document (1,543 characters)
Port Covington area of Baltimore.
Photographer: Sarah L. Voisin/The Washington Post via Getty Images
In 2016, Baltimore’s city council approved a $660 million financing package for a 235-acre mixed-use development, including new offices for Under Armour, along the city’s waterfront. The area was already designated as an enterprise zone and a brownfield site, connoting additional lucrative tax breaks, and the project attracted a $233 million investment from Goldman Sachs’s urban investment group.
Then came the opportunity zone designation.
The tax break is only supposed to apply to real estate purchased after the law took effect. But lawyers across the country quickly began working around that to get the benefits for projects planned before the law was passed. Many tax experts have recommended sales to new entities. So long as the seller owns no more than 20 percent of the buyer, the transaction counts as arm’s-length and qualifies.
Siegel said his firm, Weller Development, has found enough new investors to comply with the arm’s-length requirement. The company has seen so much demand, he said, that he’s looking to replicate the project elsewhere.
“We’ve been fielding a lot of inbound interest,” Siegel said, declining to name cities that have approached him. “That stimulated us to take this show on the road.”
Boulder Balks
In mid-December, during a marathon city council meeting that stretched past midnight, Boulder became perhaps the first jurisdiction in the country to reject its own opportunity
Photographer: Sarah L. Voisin/The Washington Post via Getty Images
In 2016, Baltimore’s city council approved a $660 million financing package for a 235-acre mixed-use development, including new offices for Under Armour, along the city’s waterfront. The area was already designated as an enterprise zone and a brownfield site, connoting additional lucrative tax breaks, and the project attracted a $233 million investment from Goldman Sachs’s urban investment group.
Then came the opportunity zone designation.
The tax break is only supposed to apply to real estate purchased after the law took effect. But lawyers across the country quickly began working around that to get the benefits for projects planned before the law was passed. Many tax experts have recommended sales to new entities. So long as the seller owns no more than 20 percent of the buyer, the transaction counts as arm’s-length and qualifies.
Siegel said his firm, Weller Development, has found enough new investors to comply with the arm’s-length requirement. The company has seen so much demand, he said, that he’s looking to replicate the project elsewhere.
“We’ve been fielding a lot of inbound interest,” Siegel said, declining to name cities that have approached him. “That stimulated us to take this show on the road.”
Boulder Balks
In mid-December, during a marathon city council meeting that stretched past midnight, Boulder became perhaps the first jurisdiction in the country to reject its own opportunity
HOUSE_OVERSIGHT_016417
Discussion 0
No comments yet
Be the first to share your thoughts on this epstein document