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| 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.
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| 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.
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| 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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