“The mind is the seed of creativity but the heart is the soil. That seed cannot grow without an open heart.” – Shah Rukh Khan – Actor-Producer

 

“Happiness can be found even in the darkest of times, when one only remembers to turn on the light.” – Albus Dumbledore – Fictional Character

 

“It’s not so much what we have in this life that matters. It’s what we do with what we have.” – Fred Rogers – 1928-2003 – Musician-Puppeteer-Writer-Producer

 

 

ANNOUNCEMENTS

(notes provided by the unconventional and unorthodox Paul Conforti)

 

Eastern Illinois’ “Operation Orange” 12 hour repack is this Friday Sept. 27th at the foodbank warehouse.  Operation Orange is a 12-hour food repack event in support of and to kick off Hunger Action Month. The following from our club registered online to work the 4-6 p.m. shift:  Phyllis, Michelle, Mary Kay, Charlie, Tod, Lou, Ed, Oktay, Rod, Judy & Larry.

 

Mary announced that our District 6490 is supporting this years October 24th World Polio Day with a raffle. From the District World Polio Day Committee: Our club will receive the raffle tickets by mail. The winner will receive 4 prime tickets 50 yard-line tickets to the November 30th Northwestern v. ILLINIOS game. The raffle winner will be announced at District Conference. These great seats are in Section 127, Row 41. Great for any football fan, but more importantly, the proceeds will go to the Polio Plus program and be eligible for the $2 for $1 match from the Bill and Melinda Gates Foundation.  If we sell all the tickets we will net over $7,000, including the match.

 

 

PROGRAM

 

Tom Ulen introduced Professor Michelle Layser from the University of Illinois Law School

 

Professor Layser’s primary research interest is at the intersection of tax law and social policy. Her current and yet to be released book is “The Problem with Place-Based Investment Tax Incentives”.

 

“Place based” tax incentives ease and or eliminate tax burdens in exchange for redirecting stock investments towards construction in low income “Opportunity Zones” commonly known as OZ’s.

 

Investors in Opportunity Zones can defer capital gains tax on stock sales until 2026. If the investment remains in place 5 years, 10% of the gains tax will never be taxed. If the investment remains in place for 7 years 15% of the gains tax will never be taxed. After 10 years profits from the OZ fund investment become tax free.

 

Other benefits from investing in Opportunity Zone funds are the relatively few restrictions place on the eligibility of fund projects.

 

Opportunity zones are designated by state governments. States can designate OZ’s in low income areas based on US Census data.  There are 7000 Opportunity Zones in the United States and 3 in Champaign County. Professor Layser displayed a map of Champaign County showing economically poor areas as designated by the US Census Bureau. The most interesting part of the map is that the entire University of Illinois footprint, including surrounding residential areas is designated economically poor.

 

The Census Bureau does not distinguish between poor year-round residents and poor students. The result of this designation, combined with the relatively few restrictions on where projects are selected has resulted in the recent high rise housing boom around the University of Illinois campus.

 

Campustown Opportunity Zone 1 is valued at $10,000,000. The projected return on investment after 10 years is 8% with an asset management fee of 2%. The minimum investment is $50,000.

 

 

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  Sept 26th Oct 3rd Oct 10th Oct 17th
Introductions Jen Shelby Eddie Bridges Cary Woolard Charlie Smith
Reflection Adam Wright Oktay Baran Michelle Barbey Keith Brandau
Greeters Jen Shelby Eddie Bridges Cary Woolard Charlie Smith
Ondine Gross David Henry Mary Hodson Eddie Bridges
Song Leader Diana Dummitt Ata Durukan Ondine Gross David Henry
Notetaker Perry Penwell Hodson Conforti

 

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UPCOMING SCHEDULE (with program committee member responsible listed in parentheses)

September 26th – Meghan Gentry will speak about foster care in Champaign-Urbana (Ondine)

October 3rd – Lisa Wilson, Executive Director, East Central Illinois Refugee Mutual Assistance Center (ECIRMAC) (Mary)

October 10th – Club Assembly

October 17th – TBD (Cary)

October 24th – Rob Dalhaus from CU at Home (Charlie)

October 29th – Tuesday – C-U Sunrise Rotary Charter Anniversary banquet at Biaggi’s

October 31st – No regular meeting (5th Thursday) – 

November 7th – Shannon O’Rourke Kasali, who was both a Rotary Ambassadorial Scholar and A Rotary Peace Scholar (Mary)

November 14th – District Governor Julie Dobski

November 21st – TBD (Ondine)

November 28th – TBD 

December 5th – John Paul Buzard from Buzard Pipe Organ Builders will speak to our club about building organs (Bob)

December 12th – Club Assembly