Monday, July 22, 2013

City of Atlanta Announces New Opportunity Zone in Cleveland Avenue/Metropolitan Parkway Area Zones attract new business ventures and creates jobs

Atlanta's Night Skyline

 ATLANTA (July 22, 2013) –Mayor Kasim Reed and Invest Atlanta announced today that sections of the Cleveland Avenue/Metropolitan Parkway neighborhood have been approved as an Opportunity Zone by the Georgia Department of Community Affairs. This new designation will create a tax incentive for businesses to expand and hire additional employees.

Mayor Kasim Reed
“Opportunity Zones give existing businesses the incentive to expand and motivate entrepreneurs to create new ventures,” said Mayor Reed. “These zones lead to job creation and neighborhood revitalization and have a direct positive impact on our overall economic competitiveness.”

Businesses within the Opportunity Zone boundaries of the Cleveland Avenue Gateway, Metropolitan Village, Cleveland Avenue Kmart, Lakewood Park and Crossroads Center redevelopment areas can qualify for a yearly income tax credit of $3,500 for each new job created, provided that there at least two net new jobs. Tax credits are good for up to five years and $17,500 as long as the business continues to hire at least two new people per year.

Brian P. McGowan
Previously approved Opportunity Zones in the city include Auburn Avenue, White-Lee Streets and Midtown. Invest Atlanta, the city’s economic development arm, applies for Opportunity Zone designations on behalf of the city.

“An Opportunity Zone is an important tool in attracting investment to areas with unrealized potential,” said Brian P. McGowan, President and CEO of Invest Atlanta. “We are thrilled that the Cleveland Avenue/Metropolitan Parkway area was approved for a zone, and we will use it to help the community attract and retain quality businesses. ”

For a complete copy of the company’s news release, please contact:

Tony Wilbert
The Wilbert Group
404-254-1487 (O)
404-405-3656 (C)

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