SEDONA, AZ / ACCESSWIRE / February 28, 2020 / The Opportunity Zone Development Fund names Paul Wright Manager of their newly designed state-of-the-art IQ Car Wash located in Camp Verde, which will serve 19,000 residents. In his new role, effective January 14, 2020, Wright will focus on customer service and will be responsible for maintaining all the equipment to ensure a quality wash for every customer.
"The IQ Car Wash aims to provide outstanding value to customers who prioritize maintaining their vehicles," said Fund Manager Robert Witt. "Paul's experience and success in the industry position him as a valuable asset to enable the company to adopt an innovative format and improve it further to ensure each customer's experience exceeds expectations."
Prior to joining IQ Car Wash, Wright held various roles at Cobblestone Auto Spa located in El Mirage, AZ. During his tenure there, he was responsible for overseeing operations for four company-owned sites0 and has been a general manager for 5 years. He implemented plans that resulted in high-volume revenue growth and is highly regarded in the company.
Wright will begin his responsibilities by traveling to Oklahoma, the location of the first IQ Car Wash facility, There he will learn the IQ system and integrate it with his existing management plan. He will travel to Omaha, Nebraska for hands on experience installing the equipment that he will maintain in Camp Verde. Then he will focus his time managing the building process of the newest IQ Wash site in Camp Verde.
"Paul's experience in the industry, hands-on learning in Oklahoma and Nebraska will result in valuable institutional knowledge, which will be instrumental to the successful operations of our facility in Camp Verde," added Witt.
Future site plans include hiring 6 more employees who will report to Wright.
Wright's many accolades include winning Express Manager of the Year in 2018 for highest yearly revenue and training managers over Cobblestone's company-owned sites. Paul's record for washes in a single day tops 2,000.
About The Opportunity Zone Development Company II
The Opportunity Zone Development Company II is an Opportunity Zone Business formed specifically under the federal guidelines for Opportunity Zone Investments. The company is owned by The Opportunity Zone Development Fund LLC. Partners in the company are able to defer 100% of their capital gains from 2019
that they invest in the fund. The deferral will run through 2026 when the partners will need to recognize 85% of the 7 year old gain. The partners will receive cash flows from the operations of the business of which a portion will be sheltered from taxes by the depreciation. The partners can sell their interest in the partnership in 10 years and gains made on the sale will not be taxed. A $100,000 capital gain invested in an opportunity zone fund that earns 7% per year for 10 years will be worth $154,000 after taxes are paid in 10 years. The same investment made in a taxable investment would be worth only $115,470. The tax benefits really help partners hold onto their capital and maintain their net worth.
About Robert Witt, The Opportunity Zone Development Fund 1 LLC
Robert Witt is the Manager of The Opportunity Zone Development Fund 1 and The Opportunity Zone Development Company LLC. Witt is also president of the Beaver Creek Villas Condominium Association and managing partner for Simonton Ranch Land Holding LLC. He is a former Chairman of the Camp Verde Planning and Zoning Commission, and a Former Chairman of the Camp Verde Sanitary District. He has managed 5 distinct real estate opportunity funds during his career and likes opportunity zone tax benefits more than any other incentive he has seen during his career. For more information, please call (928) 202-1000. The Opportunity Zone Development Fund LLC is located at 400 W Finnie Flat Road, Suite 1C, Camp Verde, AZ. To read more about Opportunity Zone Development Fund and Simonton Ranch Land Holding in the news, please visit https://thenala.com/media-room/media-room-detail/robert-witt-simonton-ranch-land-holding-llc.
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SOURCE: The Opportunity Zone Development Fund