SALT Voices: Steve Glickman | Founder & Chief Executive Officer, Develop

TL;DR

The Opportunity Zone program is a new legislation that aims to address geographic inequality in America by providing tax incentives for long-term investments in low-income communities, with the potential to move billions of dollars in equity investment and transform these communities.

Transcript

I'm here at Sault 2019 with Steve Glickman the founder and CEO of develop so tell us what is development so develop is a brand new advisory firm focused on working with opportunity's own funds which are special private equity funds that are taking advantage of new legislation that provides tax incentives for long-term investments in in low-income c... Read More

Key Insights

• 😘 Develop is an advisory firm focused on helping opportunity zone fund managers maximize the impact of their investments in low-income communities.
• ❓ The Opportunity Zones legislation was a bipartisan effort, supported by both Republicans and Democrats, to address the issue of geographic inequality.
• 🔨 Opportunity Zones provide a unique tool for driving equity investment into communities that have been starved for capital for decades.
• 🌱 The program has the potential to move billions of dollars each year and serve as a "Marshall Plan" for the 21st century, enabling communities to plan for their future in ways never seen before.
• 🚦 Opportunity Zones address multiple verticals, including housing, infrastructure, and job creation, providing a comprehensive approach to reducing inequality.
• 👯 The Trump administration has been effective in creating a workable program that resonated with members of Congress, governors, mayors, and ultimately, the American people.
• 💦 Develop's founder, Steve Glickman, recognized the practicality of working with the Trump administration despite his Democratic background.

Questions & Answers

Q: How does Develop help opportunity zone fund managers?

Develop assists opportunity zone fund managers in utilizing the tax incentive program, ensuring they are able to drive capital into low-income communities in accordance with Congress and the administration's intent. They provide advisory services and expertise to maximize the impact of investments.

Q: Is it surprising that the legislation enabling Opportunity Zones was passed by the Trump administration?

While the founder of Develop, Steve Glickman, is a Democrat, he recognizes the practicality of working with a president and administration that is willing to address the issue of geographic inequality. The legislation received support from both Republicans and Democrats, demonstrating a bipartisan effort to tackle the problem.

Q: Why are Opportunity Zones the right tool for fixing inequality in America?

Opportunity Zones provide a much-needed tool for addressing geographic inequality by directing capital investments into communities that have been historically starved for investment. This program has the potential to move billions of dollars and serve as a catalyst for economic growth, job creation, and overall development.

Q: How far can Opportunity Zones go in addressing inequality in America?

While Opportunity Zones are only a piece of the puzzle, they have the potential to move tens or even hundreds of billions of dollars in equity investment into low-income communities. This influx of capital can be transformative, empowering communities to plan for their future and address long-standing inequalities in areas such as housing, infrastructure, and job creation.

Summary & Key Takeaways

• Develop is an advisory firm that helps opportunity zone fund managers take advantage of tax incentives and drive capital into low-income communities.

• Opportunity Zones legislation was passed by the Trump administration, with bipartisan support and a focus on addressing geographic inequality.

• Opportunity Zones provide much-needed equity and investment to communities starved for capital, with the potential to move billions of dollars in equity investment and create transformative change.