May 18, 2012
ATLANTA (May 9, 2012) – Invest Atlanta, the city of Atlanta’s economic
development agency, said today the state of Georgia has designated four new
Opportunity Zones in the city.
The new Opportunity Zones, designated as such by the Georgia Department of
Community Affairs, are for areas bounded by North Avenue and Atlanta Industrial
Park #1, Atlanta Industrial Park #2 and Atlanta Industrial Park #3.
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 credits are good for up to five
years, meaning a business could be eligible for up to $17,500 in tax credits if
they hired at least two new people per year.
Atlanta Mayor Kasim Reed, chairman of Invest Atlanta, was informed of the city’s
new Opportunity Zones in a letter from Georgia Department of Community Affairs
Commissioner Mike Beatty. The designations will be good for tax years 2012
through 2022 and can be renewed.
“Opportunity zones not only help create new jobs and new businesses with
attractive tax incentives, they encourage new development in targeted areas
across our city,” Mayor Reed said. “I am pleased that the state has designated
these new opportunity zones as it will enable us and Invest Atlanta to offer even
more appealing options to companies and entrepreneurs to do business in
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 of higher.
“Opportunity Zones encourage economic development and help create jobs in
areas where this activity otherwise might not occur,” 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.”
Last fall, the state approved Opportunity Zone designations in Downtown,
Midtown and at Fort McPherson, a former Army post that will be redeveloped.
Southside Industrial Park also is an Opportunity Zone.
Last week, Panasonic said it will establish the Panasonic Automotive Innovation
Center in Midtown’s Technology Square Development. The center will be located
in the Midtown Opportunity Zone, and Panasonic will be eligible for new-job tax
credits for the new positions it creates there.
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.
For more information on how Invest Atlanta can provide solutions for you or your
business, contact us at: 404-880-4100, e-mail: email@example.com or
visit us at: www.InvestAtlanta.com. To get the latest updates, follow us on Twitter
@InvestAtlanta, and Like us on Facebook www.facebook.com/investatlanta.