Robert Witt and Eric Meyers Launch Opportunity Zone Development Fund, LLC

SEDONA, Ariz., June 14, 2019 /PRNewswire-PRWeb/ -- Robert Witt is a lifelong real estate professional licensed with Arizona Prime Real Estate. Furthermore, he has managed real estate opportunity investment funds since 2003, when he formed Verde Income Partners LLC. Since that time he has founded and managed Verde Income Partners II, Simonton Ranch Land Holding Company LLC, Out of Africa Fund I, Talbert Real Estate Investment Fund I, and MY Capital Leasing Fund II.

Witt specializes in buying and selling property and produced significant returns for his partnerships -- the latest being Simonton Ranch Land Holding Company that returned 171% of the partners' initial investment to partners after a three year holding period earlier this year.

Eric Meyers is a rising star in the payment processing business where he took an initial $200 investment in National Processing Solutions and turned it into multi-millions in a decade. Meyers' current focus is on enterprise-integrated payments and technology at Priority Tecnology Holdings LLC. As a partner he provides both an expert knowledge into the collection and processing of payments as well as insights into what it takes to build a profitable company in the current era. His current focus is on enterprise-integrated payments and technology being part of a publicly traded company focused on payment technologies.

"Eric provides some much-needed youth that should give the partnership additional stability," said Witt when discussing adding Meyers to the partnership management.

The company is represented by the law firm of Bergin, Frakes, Smalley & Oberholtzer, PLLC, and the accounting firm of John Mahan Tax and Accounting Services. Other active partners include former Yavapai County Supervisor, Arizona Transportation Board Chairman, Racing Commissioner, and Arizona State Parks interim director Bill Feldmeier, and Curt Bonelli, former owner and developer of the Prescott Valley Ace Hardware.

The company was formed as a conduit for the partners to protect and build their net worth though Opportunity Zone Investments. The partners' investment in the company will be netted against their capital gains and provide a first-year cash savings in federal income tax that is over 20%. The project's cash flows will be sheltered by the equipment and building depreciation of the assets used in the project. The company's investment will provide jobs and services in opportunity zones that might not otherwise be possible in some of these areas.

Opportunity Zone Development Fund plans to minimize risk and maximize tax benefits with minimal debt during development. As projects mature and sheltered cash flow is produced it plans to seek additional development projects using debt secured by the mature projects.

"The compounding effect of this strategy is significant when we modeled it," concluded Witt. "The first-year benefit compounded by the sheltered cash flows have the partners enthused about the future of this partnership. The icing on the cake for the partners is the opportunity tax benefit that comes when they sell their interest after 10 years. The partners' gains in its opportunity zone investment are tax-free."

About Robert Witt, Simonton Ranch Land Holding LLC
Robert Witt is the president of the Beaver Creek Villas Condominium Association and managing partner for Simonton Ranch Land Holding LLC. For more information, please call (928) 202-1000. Simonton Ranch Land Holding is located at 400 W Finnie Flat Road, Suite 1C, Camp Verde, AZ.

For media inquiries, please call the NALA at 805.650.6121, ext. 361.

SOURCE Opportunity Zone Development Fund, LLC