January 19, 2012
Wilbert News Strategies
404-965-5022 (O) 404-405-3656 (C)
FOR IMMEDIATE RELEASE
CITY OF ATLANTA’S ECONOMIC DEVELOPMENT AUTHORITY
REORGANIZES AND PRIORITIZES IN 2012
Invest Atlanta launches with a focus on job creation and global competitiveness
ATLANTA – January 19, 2012 – The new direction for the City of Atlanta’s official economic development authority was unveiled this morning at the Mayor’s Annual State of the City business breakfast address, ending with the renaming of the agency from the Atlanta Development Authority (ADA) to Invest Atlanta. The new name reflects a renewed focus on jobs and competitiveness as Atlanta Development Authority transforms into Invest Atlanta.
Mayor Kasim Reed, who is also Chairman of the board of directors, announced that Invest Atlanta is developing a new economic growth strategy. "I have made economic development one of my Administration's top priorities and this change represents an effort to modernize our approach to investment, attracting businesses, foreign capital and trade," said Mayor Reed. "We must get our economy moving again because our unemployment level is too high and families are hurting. Focusing on business creation, attraction, retention and expansion not only creates jobs but also brings in new tax revenues for the city."
Invest Atlanta will focus on making the city a job growth engine again and creating an environment to attract, create and retain jobs. Invest Atlanta will continue to help residents purchase homes, issue bonds and incentives for new development and provide small business loans, but will be placing particular focus on attracting new investment, international trade and innovation and entrepreneurship.
Headed by President and CEO Brian McGowan, Invest Atlanta better describes its mission and objectives, which are to make economic growth and competitiveness top priority, focusing heavily on business development, and working strategically with the city in marketing the rich opportunities and unrivaled qualities Atlanta offers on a national and international level.
McGowan said, "Invest Atlanta will continue to honor its traditional mission but will place a renewed emphasis and focus on ensuring that the city has the right atmosphere to help existing companies grow and attract new companies. Our new name shows we will work to get companies to invest in Atlanta creating jobs and economic opportunity for all of our residents."
Invest Atlanta is comprised of three core departments: business development, redevelopment and housing finance.
Invest Atlanta will continue to focus on neighborhood and commercial corridor revitalization and will serve as the first point of contact for potential investors and businesses considering expansion and/or relocation. The entity also offers funding and resources to new and established businesses and provides resources to revitalize many of Atlanta’s great neighborhoods.
About Invest Atlanta
Invest Atlanta is the official economic development authority for the City of Atlanta. Its purpose is to strengthen Atlanta’s economy and global competitiveness in order to create increased opportunity and prosperity for the people of Atlanta.
Chaired by the Mayor of Atlanta, and governed by a nine-member board of directors, Invest Atlanta’s programs and initiatives focus on developing and fostering public/private partnerships to create jobs, grow the economy, revitalize neighborhoods, attract investment, spur innovation, and encourage entrepreneurship. To achieve these goals, Invest Atlanta leverages the benefits of bond financing, revolving loan funds, housing financing, tax increment financing (TIF), and tax credits.