A Qualified Opportunity Zone Fund (QOZF) has acquired an airfield near Reno, Nevada, with plans to develop it as a center for drones and a showcase for aircraft hangar technology.

Growth Resources, Assets, Safety & Stability (GRASS) said June 29 that it has acquired Tiger Field Airport (N58), a public-use airport near Fernley, Nevada, from the U.S. Bureau of Land Management for an undisclosed price. Fernley is part of the Reno-Sparks metropolitan area.

Tiger Field Airport, at an elevation of 4,346 ft., has one paved runway, 15/33, measuring 3,974 ft. by 40 ft., according to the AC-U-KWIK Airport/FBO Directory. There is no fuel available.

“GRASS intends to develop the airfield by improving the existing airport, creating state-of-the-art aircraft hangars and developing one of the first drone centers in Lyon County Nevada,” the fund said in a release.

A QOZF is an investment vehicle designed to spur development in localities or communities that have been nominated by a state or territory and designated by the U.S. government as economically distressed. Taxpayers who invest in a property through a QOZF can temporarily defer capital gains and other gains realized on the sale of an asset.

Based in Carson City, Nevada, GRASS is both a QOZF and an Internal Revenue Service-designated Qualified Small Business Stock. The fund says it is open to investors of all experience levels, with a minimum investment of $1,000.

For more information, see www.qozfusa.com/why-grass/.