Economic Development Fund Acquires Nevada Airfield

Tiger Field Airport
Tiger Field Airport near Fernley, Nevada Credit: GRASS

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.

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Bill Carey

Based in Washington, D.C., Bill covers business aviation and advanced air mobility for Aviation Week Network. A former newspaper reporter, he has also covered the airline industry, military aviation, commercial space and unmanned aircraft systems. He is the author of 'Enter The Drones, The FAA and UAVs in America,' published in 2016.