Community Corner
City of Atlanta Announces New Opportunity Zone in Cleveland Avenue/Metropolitan Parkway Area
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.
“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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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.
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“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. ”
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.