HOUSE_OVERSIGHT_016416.jpg
Extraction Summary
6
People
7
Organizations
5
Locations
2
Events
2
Relationships
2
Quotes
Document Information
Type:
News article / media report (bloomberg)
File Size:
Summary
This document appears to be a page from a Bloomberg article included in House Oversight Committee files. It discusses 'Opportunity Zones' created by the 2017 Tax Cuts and Jobs Act, featuring a presentation by Alex Flachsbart in Athens, Alabama. The text highlights criticisms that the tax breaks benefit wealthy investors for projects they would have pursued regardless, citing examples involving Anthony Scaramucci in Oakland and Under Armour founder Kevin Plank in Baltimore.
People (6)
| Name | Role | Context |
|---|---|---|
| Alex Flachsbart | Presenter / Nonprofit Leader |
Giving a presentation on opportunity zones in Athens, Alabama; runs a nonprofit seeking investment.
|
| Nicole Craine | Photographer |
Credited for the Bloomberg photo.
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| Anthony Scaramucci | Hedge fund executive / Former White House spokesman |
Planning to build a hotel in Oakland using opportunity zone benefits.
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| Donald Trump | President |
Mentioned as signing the Tax Cuts and Jobs Act.
|
| Steven Siegel | Real estate developer |
Helped negotiate a public financing deal for Kevin Plank.
|
| Kevin Plank | Billionaire / Founder of Under Armour Inc. |
Client of Steven Siegel; involved in a large public financing deal in Baltimore.
|
Organizations (7)
| Name | Type | Context |
|---|---|---|
| Bloomberg |
Source of the photograph/article.
|
|
| NASA |
Mentioned regarding its presence in Huntsville attracting engineers.
|
|
| Regions Financial Corp. |
Mentioned as having board members on Flachsbart's nonprofit.
|
|
| White House |
Mentioned in relation to Anthony Scaramucci's former role.
|
|
| Under Armour Inc. |
Company founded by Kevin Plank.
|
|
| OPAL |
Acronym visible on the presentation slide (likely Opportunity Alabama).
|
|
| House Oversight Committee |
Implied by the Bates stamp 'HOUSE_OVERSIGHT'.
|
Timeline (2 events)
Unknown
Locations (5)
| Location | Context |
|---|---|
|
Athens, Alabama
|
Location of the presentation shown in the photo.
|
|
Huntsville
|
City mentioned as a potential location for startup funding.
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|
City mentioned for renovation of a civic complex.
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|
Location where Anthony Scaramucci plans to build a hotel.
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|
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Location of a major project involving Kevin Plank.
|
Relationships (2)
Flachsbart’s nonprofit has board members from Regions Financial Corp.
Siegel helped negotiate a deal for a client, a company owned by billionaire Kevin Plank.
Key Quotes (2)
"Here was an uncapped subsidy far more flexible than anything he’d used before."Source
HOUSE_OVERSIGHT_016416.jpg
Quote #1
"One of the arguments over opportunity zones is whether the U.S. is handing wealthy investors and companies big breaks on projects they would’ve done anyway."Source
HOUSE_OVERSIGHT_016416.jpg
Quote #2
Full Extracted Text
Complete text extracted from the document (1,735 characters)
OPPORTUNITY ZONE TAX BENEFITS
[Slide content visible: OPAL]
[Sign visible: THE CITY OF Athens ALABAMA]
[Slide content visible: OPAL]
[Sign visible: THE CITY OF Athens ALABAMA]
Alex Flachsbart gives a presentation on opportunity zones in Athens, Alabama.
Photographer: Nicole Craine/Bloomberg
Photographer: Nicole Craine/Bloomberg
When he read about opportunity zones in a 2017 draft of the Tax Cuts and Jobs Act, his mind reeled. Here was an uncapped subsidy far more flexible than anything he’d used before. It could draw investment for an array of projects. He imagined funding startups in Huntsville, where NASA’s presence has lured a deep bench of talented engineers, and the renovation of an old civic complex in Mobile.
Flachsbart’s nonprofit—which has board members from the state’s largest utility and its biggest bank, Regions Financial Corp.—is now in talks for 10 potential projects that need more than $100 million in equity investment, he said. None have been funded yet, but he’s certain some will be. Meanwhile, he keeps driving.
Baltimore Billionaire
One of the arguments over opportunity zones is whether the U.S. is handing wealthy investors and companies big breaks on projects they would’ve done anyway. One example: Hedge fund executive and former White House spokesman Anthony Scaramucci plans to build a “swank, boutique hotel” in Oakland. The paperwork for the permit was filed months before the neighborhood was designated an opportunity zone.
But that project pales in comparison to what’s happening in Baltimore. More than a year before President Donald Trump signed the law, real estate developer Steven Siegel helped negotiate one of the largest public financing deals of its kind for a client, a company owned by billionaire Kevin Plank, founder of athletic-wear maker Under Armour Inc.
HOUSE_OVERSIGHT_016416
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