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From YouTube: Tim Scott Opportunity Zone Luncheon Aiken SC
Description
Sen. Tim Scott (SC) was the keynote speaker at a luncheon to discuss Opportunity Zones in Aiken on October 10, 2019.
Aiken County has numerous areas that can benefit from opportunity zone investment, the senator discussed what that means for the economic future of these areas in our community.
A
Ladies
and
gentleman,
and
so
many
longtime
friends
who
are
here
just
as
I
look
out
it
just,
is
so
humbling
and
inspiring
to
to
know
the
people
that
I
represent
and
I.
Thank
you
because
that
as
I
serve
in
Washington,
sometimes
it
gets
a
bit
troubling
up
there,
sometimes
but
I,
but
I.
Think
of
the
good
people-
and
this
is
particularly
in
line
with
what
I
think
and
that
is
elected
officials
of
both
parties
working
together
bipartisan
and
that's
why
I'm
so
grateful
to
be
here
with
Senator
Tim
Scott.
A
A
I
was
going
to
send
him
so
somehow
he
made
2/3
of
the
page
editorial
page
of
the
Orangeburg
times
in
democrat
okay
and
so
and
it's
it's
positive
issues
working
on
sickle
cell
anemia
to
address
that
issue
and
then
Opportunity
Zones,
but
I
always
like
to
point
out.
A
friend
of
mine
is
comes
from
an
Sheila
Jackson
Lee
of
Texas
and
she
points
out.
A
The
good
news
has
no
beat
and
bad
news
has
wings,
and
so
the
good
news
that
you
may
be
hearing
today
and
then
a
fun
fact
is
in
the
official
biography
of
the
center.
He
has
identified
as
an
unbridled
optimist,
and
so
it's
hard
to
imagine,
but
the
senior
senator
of
South
Carolina
Lindsey
Graham,
sometimes
makes
fun
of
both
of
us,
as
that
we
perceive
as
every
day
is
like
Christmas
and
so
and
of
course,
it's
a
good
natured
fun
by
that
ornery
senior
senator
from
South
Carolina.
A
A
B
It's
always
good
to
be
home
in
South
Carolina,
and
it's
really
good
to
be
back
in
Aiken.
Thank
you
all
for
giving
me
an
opportunity
to
talk
about
one
of
my
favorite
subjects,
the
subject
of
Opportunity
Zones,
but
before
I
do
so
I
do
want
to
I
just
refer
back
to
Joe
Wilson
and
our
Congress
member
for
this
district.
Thank
you,
Joe
for
your
leadership
and
without
any
question.
Anybody
too,
cheap
I
mean
too
frugal.
B
B
I'll
say
that
if
you
think
about
Joe
being
our
Scoutmaster
and
myself,
Jeff
Duncan
McMurphy,
nee
and
Trey
Gaudi
being
his
Boy
Scouts,
we
are
thankful
that
all
jokes
aside,
the
four
of
us
coming
into
Congress
together,
lost
like
a
goose
in
a
rainstorm
to
have
you
there
to
help
us
understand
and
appreciate
the
significance
of
the
responsibility
of
serving
the
country
before
you
serve
yourself.
We
appreciate
that
now.
I
will
say
that
Jeff
Duncan
has
been
a
star
he's
on
an
energy
and
commerce.
B
A
B
We
all
love
micked,
we
like
to
make
fun
of
me
because
we
love
them
so
much
we're
not
here
for
that,
but
I
do
want
to
say.
Thank
you
again.
Let's
just
think
about
how
many
y'all
know
a
lot
about
Opportunity,
Zones
I,
don't
want
to
bore
you
with
you
it
you
already
know.
So
not
everybody
knows
a
lot
about
opportunities
out.
B
So
I'm
going
to
tell
you
a
little
bit
about
Opportunity
Zones,
but
before
I
get
to
the
what
Opportunity
Zones
R
I
want
to
talk
for
a
few
minutes
about
why
Opportunity
Zones
were
really
important
to
me.
I've
always
believed
that
if
you
understand
the,
why
the
stronger
your
Y,
the
easier
the
how
the
clearer
it
is
to
find
the
what
and
so
for
me
Opportunity
Zones
really
are
most
about
the
Y
I
was
a
kid,
is
something
you've
heard
before
growing
up
in
a
single-parent
household
parents
divorced
by
the
time
I
was
seven
years.
B
Old
I
was
indeed
on
the
wrong
track.
I
was
drifting
in
the
wrong
direction.
I
had
some
powerful
people
who
believed
in
me
more
than
I
believed
in
myself,
and
they
saw
something
in
me
that
I
could
not
see
in
myself
and
they
spent
some
time
of
their
lives
and
one
person
John
Moniz,
my
chick-fil-a
operator,
who
was
my
mentor,
who
died
at
38
years
old.
B
A
very
young
age,
spent
the
last
four
years
of
his
life,
giving
me
a
new
opportunity
to
see
this
country,
my
state
and
myself
from
a
very
different
perspective,
and
so,
when
I
think
about
Opportunity,
Zones
I,
don't
think
about
the
return
on
the
invested
dollar.
First
I,
don't
think
about
all
the
things
that
are
gonna,
be
good
for
investors.
First
I
think
about
people
who
are
in
desperate
straits,
people
who
are
struggling
even
in
this
amazing
economy.
B
We
have
today
I
think
about
the
fact
that,
while
our
nation
has
a
3.5
percent
unemployment
rate
that
in
this
district
that
you
guys
have
here
and
Aiken,
the
unemployment
rate
is
ten
point.
Two
percent
I
think
about
it,
a
nation
where
the
unemployment
rate,
the
poverty
rate,
is
falling
down
to
twelve
and
a
half
percent
in
this
opportunity
zone.
Where
6,000
people,
the
poverty
rate,
is
41%
I'm.
Thinking
about
the
fact
that
here
in
South
Carolina,
our
average
household
income
is
over
$50,000,
but
in
this
district
it's
$25,000
I,
think
about.
B
While
we
celebrate
the
fact
that
more
people
are
coming
back
to
the
work
force
that
our
workforce
participation
rate
is
now
moving
up,
63,
hopefully
64
and
even
higher-
that
in
this
district,
it's
53
percent
and
I.
Think
back
to
when
I
was
a
kid
growing
up
in
an
area
very
similar
to
this
and
I've
always
asked
myself.
Why
did
the
good
Lord
and
the
people
of
my
community
give
me
a
second
chance
to
make
a
first
impression?
B
And
for
me
this
legislation
embodies
that
concept
of
why
I've
been
blessed
to
do
this
again,
because
if
you've
heard
my
story,
you'll
remember
that
I
as
a
freshman
in
high
school
I
flunked
out,
yes,
I
may
be
the
first
United
States
Senator
to
fail
out
of
high
school
now,
I
feel
for
subjects
that
year,
world
geography
civics,
which
is
the
study
of
politics.
I,
will
tell
you
after
9
years
in
Washington.
I
am
now
worried
that
I'm,
not
the
only
one
failing
civics.
B
B
That's
why
I
found
my
unhappy
self
and,
as
some
of
you
may
remember,
I
have
two
major
blessings
that
mama,
who
believed
in
prayer,
above
all
things
and
a
mentor,
the
guy
that
passed
away
at
38
years
old
I've
brought
tears
to
my
eyes,
even
just
now,
who
taught
me
that
anyone
from
anywhere
at
any
time
in
this
country
and
specifically
in
this
state,
could
rise
be
beyond
their
wildest
imagination
and
I
did
not
believe
him.
Hence
I
was
flunking
out
of
school.
B
My
mother
was
the
kind
of
encourage
or
who
believed
in
using
multiple
weapons,
encourage
your
child
literally
weapons.
Yes,
so
she
used
a
weapon
of
encouragement
first
and
when
I
filled
the
freshman
year,
she
used
this
new
weapon.
It's
called
the
psychology
of
switch.
Now,
for
those
of
you
had
noticed
of
Ohio
hands
went
up
in
air
for
those
who
unfamiliar
with
a
switch.
A
switch
is
a
southern
apparatus
of
encouragement.
B
It
is
applied
from
your
belt
to
your
ankles
and
I
was
thoroughly
encouraged.
That's
a
different
time
in
the
world
when
we
could
do
those
kinds
of
things
and
perhaps
better
times
in
that
day
in
time.
But
that
was
really
helpful
for
me
to
get
back
on
track,
but
I
still
needed
help
and
that
help
came
in
the
form
of
an
entrepreneur
who
had
the
time
and
the
resources
to
invest
in
someone
who
cannot
invest
in
themselves,
and
so,
when
I
think
about
the
opportunity
zones.
B
The
fact
of
the
matter
is
that
the
persistent
challenge
of
poverty
has
not
been
eliminated
by
the
good
will
good
intentions,
good
or
bad
results
of
the
federal
government,
the
state
government
and
the
local
government.
We
are
clear
on
one
point
that
if
we
don't
get
private
sector
folks
involved
in
the
most
impoverished
areas,
the
results
will
be
the
same,
because
the
government
doesn't
create
jobs.
B
We
might
create
soil
conditions
that
are
better
for
jobs
or
worse
for
jobs,
but
we,
the
government,
don't
create
jobs
that
happens
in
a
private
sector.
If
you
don't
have
entrepreneurs
in
neighborhoods,
you
simply
will
have
high
unemployment
10.2
when
the
nation's
at
3.5
in
the
state
to
3.2.
So
when
you
have
high
persistent
persistent
unemployment,
the
educational
achievement
or
attainment
is
significantly
lower
than
the
general
population.
B
True,
in
every
place
where
poverty
is
persistent,
when
you
don't
have
jobs
and
you
don't
have
good
education,
your
poverty
rate
continues
to
climb
high
we've
had
a
robust
economy
for
the
last
couple
of
years,
so
our
unemployment
rate
is
down.
So
is
our
poverty,
but
41%
here
in
Aitkin,
so
I've
tried
to
take
my
life
experience
of
having
done
it
wrong
doing
it
right
at
least
better
and
use
that
to
model
legislation
to
attract
investors
to
take
a
second
look
in
areas
where
kids
and
families
may
have
really
high
potential.
B
But
they
lack
the
access
to
the
opportunities,
and
so
the
opportunity's
own
legislation
is
designed
around
those
investors
and
the
community
that
I
hope
they
serve.
So
in
order
to
understand
the
opportunities
owns,
there's
8700
nationwide
there
are
135
in
South
Carolina.
They
are
designed
around
the
new
market
tax
credit
that
has
a
definition
already
embedded
in
government
that
defines
distressed
communities
and
by
using
that
that
definition,
the
governors
of
each
state
designated
25%
of
their
highly
distressed
areas
to
be
Opportunity
Zones.
If
an
investor
invests
in
one
of
those
zones,
what
do
they
get?
B
They
get
a
deferral
of
their
capital
gains
tax
that
they
owe
and
19
20
20,
whatever
they
make
the
investment,
and
they
can
defer
it
up
to
seven
years.
They
still
owe
the
tax.
But
if
you
stay
in
the
investment
for
seven
years,
you
can
reduce
your
taxes
by
fifteen
percent.
Your
capital
gains
tax.
Only
if
you
will
invest
in
that
zone,
not
only
do
you
defer
your
original
capital
gains
tax.
B
Not
only
can
you
reduce
that
original
capital
gains
tax,
but
in
your
new
investment,
if
you
keep
it
there
for
ten
years,
you
owe
no
new
capital
gains
tax
and
that's
where
the
opportunity
the
zone
really
comes
to
life.
So
what's
happened
over
the
last
couple
of
years
with
the
opportunity
zones
now
I'm
coming
fully
to
market
a
lot
of
good
news
in
a
lot
of
different
areas,
with
conscientious
investors,
changing
communities
without
running
people
out,
so
one
of
the
questions
always
comes
up
is
the
issue
of
gentrification.
B
Fewer
than
four
percent
of
the
zones
are
showing
any
signs
of
gentrification,
but
what
they
are
showing
is
an
eight
percent
increase
in
income
they're,
showing
a
twenty
percent
increase
in
property
values,
with
almost
sixty
percent
of
people
owning
their
own
property.
The
wealth
gap
that
is
strong
in
America
and
almost
a
chasm
is
really
defined
by
home
ownership.
For
most
people
in
America,
our
homes
are
our
greatest
asset.
B
If
you
own
one,
your
net
worth
increases,
if
you
don't,
you
don't
really
have
a
net
worth,
and
this
is
one
of
the
opportunities
that
we
have
in
zones
to
create
more
affordable
housing
for
those
folks
who
are
creditworthy,
but
can't
afford
the
down
payment
or
the
regulatory
burden
to
actually
get
a
house.
We
are
working
on
ways
to
reduce
that
burden.
B
From
a
regulatory
standpoint,
the
president
had
an
executive
order,
a
few
months
ago,
led
by
HUD
secretary
ben
Carson,
to
improve
the
regulatory
challenges
that
it
takes
to
get
a
house
and
the
opportunity
zones
will
help
provide
incentives
for
higher
density
in
certain
areas
that
provides
a
lower
cost
per
point
for
the
folks
who
are
eligible
to
be
homeowners.
So
with
that
I'm
talking
about
this
for
a
long
time
but
I,
know
there's
a
chance
for
a
Q&A
I
heard.
Is
that
right
very
good?
So
let
me
just
set
my
rules
of
Q&A
I.
C
B
Ma'am,
so
the
easy
answer
is
that
the
way
the
legislation
is
designed
is
to
make
sure
that
even
a
small
business
owner
business
owner,
like
myself
when
I
sold
my
business
when
I
ran
one
of
my
congressional
race
I
had
to
sell
my
assets.
Io2
capital
gains,
tax,
I
could
individually
become
an
opportunity
zone
fund
just
myself
and
then
invest
that
capital
gain
responsibility
back
into
a
community
that
is
designated
as
a
zone.
So
it
could
be
as
simple
as
one
person
starting
a
fund
or
like.
C
A
B
Yes,
ma'am,
so
the
so
the
around
South
:.
There
have
been
some
success
stories
in
Orangeburg
County.
There
are
taken
an
opportunity
zone
and
creating
a
commercial
industrial
park
creating
a
few
hundred
jobs
right
there,
the
South
glanced
at
University
in
Orangeburg.
It
looks
like
they're
going
to
be
working
with
some
former
NFL
players
or
looking
to
invest
in
student
housing.
So
that's
another
opportunity
there
there's
also
in
Charleston.
There
is
a
tech
corridor
that
is
a
fifty
four
or
fifty
five
million
dollar
project.
That's
coming
off
the
ground.
B
There
are
certainly
high
tech
manufacturing
being
built
in
different
parts
of
the
state.
There's
in
Columbia,
an
old
abandoned
movie,
theater
has
been
renovated
and
they're
partnering,
with
a
church
now
and
they've
started
hiring
folks
from
the
community,
giving
them
that
first
rung
on
the
economic
ladder.
There's
in
Greer
the
old
Greer
cotton
mills
has
been
turned
into
affordable
housing
and
workforce
housing
as
well.
There's
another
project
in
Spartanburg,
that's
near
the
North
Point
project.
B
That
is
a
testament
to
getting
having
a
collaboration
between
the
existing
community
and
the
new
investors
working
together
to
transform
the
community.
So
that's
just
in
South
Carolina
in
Tennessee,
there
is
a
project
that
is
coming
together
now
as
Projects
phase-one.
It's
a
950
million
dollar
project
that
takes
retail,
affordable
housing,
workforce
housing
and
affluent
housing,
as
well
as
some
light.
Industrial
exposures
as
well
I
think
it's
like
60
acres
that
they're
redeveloping
the
one
in
Dallas
Texas,
there's
one
in
South,
Side
of
Chicago
I,
believe
it's
outside.
B
C
B
I
will
say
that
I
like
to
be
clear
on
my
answers
when
I
think
that
clarity
is
necessary.
This
is
one
of
those
places.
The
opportunity
zones
don't
guarantee
anything
as
it
relates
to
property
values.
So
that's
important.
That
type
of
question
really
is
a
question:
that's
probably
better
for
your
city,
county
and
or
state
officials.
There
are
a
myriad
of
ways
from
assessment
caps
and
ratios
to
deal
with
the
increase
of
property
values
and
what
that
could
do
to
the
ability
to
own
the
home
or
stay
in
the
home.
B
So
the
only
thing
worse
than
higher
property
values
is
decay
which
leads
to
lower
property
value.
So
it's
an
important
question,
but
one
that
can
be
answered
in
a
multiplicity
of
ways
on
the
local
level,
more
so
than
the
federal
level.
But
the
opportunities
in
legislation
does
not
address
specifically
assessment,
ratios
caps
and
or
the
positive
problem
of
having
too
much
value
in
your
home.
A
C
B
B
B
B
Therefore,
you
owe
a
capital
gains
tax
you're,
going
to
take
that
original
capital
gains
burden
you
have,
and
instead
of
paying
the
government
that
percentage
23.8%
if
you're
and
the
highest
percentage
a
bracket
instead
of
paying
them,
you
can
simply
take
that
cash
or
investment
and
invest
it
into
an
opportunity
zone.
When
you
make
that
original
investment
you're
now
deferred
york
applications
tax
for
seven
years,
whatever
you're
investing
in
you,
have
a
new
exposure
to
a
capital
gains
tax.
A
B
Therefore,
the
opportunity
zone
legislation
creates
an
incentive,
but
not
a
guarantee,
which
means
it
there's
no
guarantee
pay
back
and
there's
no
guarantee
that
there's
a
floor.
If
you
lose
it
all,
so
we're
asking
people
to
take
a
calculated
risk,
and
that
means
that
they're,
the
guarantees
won't
be
there.
So.
C
B
The
98
is
easy
to
explain
the
98
of
us
who
voted
for
it,
but
two
did
not
vote
for
it.
It's
harder
to
explain,
I
think
the
oil
stacks
should
be
included.
A
Big,
Joe
and
others
have
worked
really
hard
to
make
sure
that
it
is
included.
I,
think
the
costs
from
our
perspective
is
a
negligible
cost
mean
it's
certainly
a
significant
number,
but
for
the
sacrifices
made
and
the
prices
paid.
Comparatively
speaking,
we
should
honor
our
commitment
to
our
folks
who
serve
this
nation
and
to
their
family
members.
B
B
That's
why
we
passed
it
98
the
to
the
challenges
that
we
are
trying
to
get
cooperation
on
every
side
of
the
issue,
and
today,
while
we
are
certainly
sits,
100
percent
or
90
percent
for
it,
folks,
like
Jill,
Wilson
and
others
in
house,
afford
we're
hopeful
that
when
the
conference
committee
comes
together,
that
we'll
see
the
light
at
the
end
of
the
day,
that
won't
be
a
train.
So
I
think
it
has
a
long
way
to
go,
though,
to
be
honest
with
you,
we're
still
having
to
fight
with
folks
on
this
issue.
If.
C
B
B
The
truth
is
that
most
people
lose
faith
in
their
government
because
we
don't
provide
them
reasons
to
be
faithful
and
I.
Think
if
you
make
commitments,
you
should
honor
the
commitments.
One
of
the
reasons
why
I'm
gonna
be
running
one
more
time
in
2022
is
because
I
made
a
commitment
not
to
run
after
2020
for
the
United
States
Senate,
so
you
have
to
you,
have
to
honor
your
commitments
and
I
think
it's
so
important
to
do
that
integrity.
We
go
a
long
way
in
this
country.
B
C
B
C
All
of
those
kind
of
things-
and
there
will
be
an
opportunity
to
talk
about
our
two
reasons
on
October
the
19th
on
Saturday,
from
10:00
to
2:00
at
high
fields,
Events
Center,
where
the
ideas
collaborative
will
work
to
collect
everyone's
suggestions,
ideas,
try
and
put
together
fun's
with
investors,
people
looking
for
projects,
people
who
own
land
and
all
of
those
things.
So
we
invite
everyone
here
to
come
out
on
October
the
19th
to
hi
fields.
To
continue
this
conversation
again,
but
senator
thank
you
for
being
here.