Austin Lake

Rick Timmins — Opportunity Zones & Real Estate Development

Posted by on Tuesday, February 26th, 2019 in Blog

Reported by Bobby Brown

Greetings and salutations!  Bobby Brown here, your February Rotary Reminder reporter, reminding you that today, February 26, is another beautiful day to be a Rotarian!  The blue bonnets and other Texas wildflowers are starting to bloom (thanks in many ways to Claudia Alta Taylor “Lady Bird Johnson’s” National Wildflower Research Center).  Spring has sprung early, sort of like how Rotarians are always springing into action to help all of mankind!

Today our outstanding President Julie Benkoski called the meeting to order right at noon.  The pledges were led by our great Past President Sara Pantin.  The Invocation was given by our wonderful Past President Barry Curlee.  The Four Way Test was delivered by our brilliant President Elect Nominee Richard Payton.  With the Membership Minute to be delivered later in the program by the legendary Past President Mary Bird Bowman.  I say, with complete reverence and respect, we should have our own Rotary President’s Day!

Our Greeter today was Chris Forrest; Host was Carl Noble; Photographer was Vlad Bahrencu; and our Sergeant-at-Arms was Jon Yates.

Hooray for our latest Blue Badge Rotarian who completed his Red Badge duties in record time–Tarby Bryant.  Tarby’s fantastic sponsors are Past President Ron Mullen and Andy Swanson.  Congratulations!

Jon Yates reminded us that we still need volunteers on April 1-5 for Books For Me!  Sign up and your life will get a little closer to being completely fulfilled as you watch a young child realize the gift and joy of reading.

As I mentioned earlier, this week we have another Rotary legend in our presence.  The legendary First-Woman-President in the Rotary Club of Austin, Past President Mary Bird Bowman, gave our Membership Minute.  It doesn’t take a full minute for a legend to deliver a message that I won’t soon forget, “In Rotary sometimes you lead and sometimes you get led…you always get friends for life”.  Mary Bird joined Rotary as part of the first wave of women to become Rotarians back in 1987 as a tribute to her Rotarian Father And Rotarian Grandfather.

Can you believe it?  Last Saturday’s Rise Against Hunger service event, led in part by Ann Marie Ellis, packaged 32,616 meals!  Now that 32,616 meals, my dear fellow Rotarians, was done in two shifts consisting of two hours each.  These meals feed our fellow hungry human souls around the world, and that is certainly something to be proud of!  Participation was increased by 50% over last year, and the event packaged 50% more meals than last year.  Please consider donating money to the cause.  The Rise Against Hunger event may have been over-budget, but it was very successful!  And that last statement, my friends, is part of who Rotarians are.

Julianne Shively reminded us that tickets are still available for the Austin Rotary Club Foundation’s Celebration Dinner on Thursday, March 7, at the Chez Zee.  Thanks to Anthony Gonzales and Brinker Capital for sponsoring this year’s 6:30 Happy Hour/Cocktail Reception!

President Julie reminded us that there are no regular weekly lunch meetings at St. David’s on March 12th or 19th.  The Spring Semi-Annual Cluster meetings will be held March 19th, however.  She also announced that memorial visitation and funeral services for our beloved
Rod Simonsen will be held (visitation) on Friday, March 1 from 5-7 p.m. at Weed-Corley-Fish Funeral Home on 3125 N Lamar Blvd; and (funeral) on Saturday, March 2 at the Church of Latter-day Saints on 1000 E Rutherford Lane.

Our guest speaker, Rick Timmins, was introduced by our newest Rotarian Tarby Bryant.  Mr. Timmins is a good man and Austin resident who wears many business “hats”.  Besides being a partner at Mid-City Development, Mr. Timmins has personally invested in 44 start-up companies since 2009.  He is also a board member with several private, public and non-profit companies.

As a leader and innovator in major companies like Cisco and Motorola, Mr. Timmins brings a great wealth of experience to Mid-City Development, a company that develops commercial and residential properties.  All our ears perked up when we were introduced to the concept of “Opportunity Zones” with tax deferral and exemption possibilities.

These Opportunity Zones are designated to encourage investment and development in economically distressed communities.  Mid-City Development has constructed many properties in the Austin area, and many of them are designated Opportunity Zones by the Tax Reform Act of late 2017 and early 2018 (go to the U.S. Treasury website to view the designated sites).  Mr. Timmins told us that investors can defer/reduce capital gains tax on qualified Opportunity Zone Fund investments.

Our guest speaker next Tuesday is Seth Hopkins, Executive Director for the Booth Western Art Museum.

A shout-out to two of our great newsletter advertiser sponsors–Scott Rider of Rider Construction Group, LLC, and Reggie Nisbett of Greater Texas Water Company.  Thank you, gentlemen!

President Julie closed with the Thought of the Day:

“When you reach the end of your rope, tie a knot and hang on.”–Franklin D Roosevelt.

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