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| Mayor Kasim Reed |
ATLANTA, GA (Oct. 3, 2012) – Invest Atlanta, the city of
Atlanta’s economic development agency, said today the state of Georgia has
designated a new Opportunity Zone in the city.
The new Opportunity Zone, designated as such by the Georgia
Department of Community Affairs, is the area bounded by White Street and Lee
Street in Southwest Atlanta.
New or existing businesses located within an Opportunity
Zone are eligible for a yearly income tax credit of $3,500 for each new job
created as long as they create at least two net new jobs. The annual tax credit
is good for up to five years, meaning a business could be eligible for up to
$17,500 in tax credits if it hired at least two new people per year.
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| Mike Beatty |
Atlanta Mayor Kasim
Reed, chairman of Invest Atlanta, was informed of the city’s new
Opportunity Zone in an August 31 letter from Georgia Department of Community
Affairs Commissioner Mike Beatty.
The designation will be good for tax years 2012 through 2022 and can be
renewed.
“Opportunity Zones incentivize existing businesses to expand
and entrepreneurs to create new ventures in the city,” said Mayor Reed. “Since
becoming mayor, we have created 10 new Opportunity Zones. These zones have a direct
impact on our overall economic competitiveness and help grow new jobs.”
Georgia’s Opportunity Zone program enables local governments
to apply for Opportunity Zone designation for any piece of property situated in
or adjacent to an area where the poverty rate is 15 percent or higher.
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| Brian P. McGowan |
“Opportunity Zones encourage economic development and help
create jobs in areas where this activity otherwise might not occur,” said
Council Member Winslow, representative for Council District 4.
“Creating jobs and encouraging economic development in
across Atlanta is a top priority for Invest Atlanta and the city,” said Brian P. McGowan, president and CEO of
Invest Atlanta. “In other Opportunity Zones such as the City Hall East/Ponce
City Market zone, we are seeing major investments being made that are creating
scores of new jobs.”
In the last year, the state approved Opportunity Zone
designations in Downtown, Midtown, North Avenue, Atlanta Industrial Parks #1,
Atlanta Industrial Parks #2, Atlanta Industrial Parks #3 and at Fort McPherson,
a former Army post that will be redeveloped.
For a complete copy
of the company’s news release, please contact:
Elizabeth Hagin
O: 404-965-5023
C: 678-642-4301
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