Atlanta Streetcar Corridor Designated Opportunity Zone
Mayor’s Office of Communications
55 Trinity Avenue, Suite 2500 • Atlanta, Georgia 30303
Sonji Jacobs, Director
|Reese McCranie, Deputy Director
Thế giới cáFOR IMMEDIATE RELEASE: 03/12/13
Thế giới cáNews Release
Atlanta Streetcar Corridor Designated Opportunity Zone
Tax incentives available for businesses along Auburn and Edgewood Avenues;
Atlanta Downtown Improvement District releases investment guide
ATLANTA - Officials from the City of Atlanta and Invest Atlanta announced today that a section of the Atlanta Streetcar route has 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 locate in the historic area. Atlanta Downtown Improvement District (ADID) also released its Atlanta Streetcar Corridor Development and Investment Guide.
Businesses located within an Opportunity Zone 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. Opportunity Zones are used as an incentive to attract new businesses and encourage existing businesses to hire additional employees.
Duriya Farooqui, Chief Operating Officer for the City of Atlanta, along with Brian P. McGowan, president and CEO of Invest Atlanta, announced the Auburn Opportunity Zone at The Epsten Group, a leading sustainable architecture firm in the southeast. The firm is located in a renovated, historic building on Edgewood Avenue and is an example of Auburn’s potential for growth.
“Invest Atlanta is highly committed to the success of the Auburn Avenue district, both for its historical significance and its tremendous potential as a destination for innovative, forward-looking businesses,” said Brian P. McGowan. “The Opportunity Zone designation will help business owners who might not have otherwise considered Auburn Avenue recognize that potential.”
The Opportunity Zone comes at an important time for the Auburn Avenue community. The Sweet Auburn District has been listed as endangered by the National Trust for Historic Preservation, in part because the area needs a more robust business community to work in partnership with the historic sites to ensure a thriving area worthy of Sweet Auburn’s rich history.
“This is more good news for the Auburn-Edgewood corridor,” said City Councilman Kwanza Hall. “Last week, we laid the first tracks for the Atlanta Streetcar, our ‘Downtown Re-Connector.’ With the Auburn Avenue Opportunity Zone, we are preparing the way for existing small businesses to expand while offering an incentive for prospective businesses to join us and shape the future of Atlanta’s legacy corridor.”
A.J. Robinson, President of Central Atlanta Progress and the Atlanta Downtown Improvement District (ADID), said the Opportunity Zone comes at a perfect time. ADID released at Tuesday’s press conference the Atlanta Streetcar Corridor Development and Investment Guide. “With Atlanta Streetcar construction underway, and today’s release of the accompanying development and investment strategy guide, Downtown’s Sweet Auburn district is poised for great things,” said A.J. Robinson.
ADID’s Atlanta Streetcar Corridor Development and Investment Guide can be downloaded here:
Last Wednesday, the Atlanta Streetcar project reached a key milestone with the delivery of the first section of track on Edgewood Avenue. Crews lowered sections of rail into the track bed near the intersection of Bell Street and Edgewood Avenue and will continue the installation east along Edgewood Avenue towards Jackson Street. This is the first time in more than 60 years that Atlanta has had streetcar tracks. Each section of rail is approximately 80 feet in length and weighs 3,040 lbs. Construction contractors forecast completing one block of track installation every three to four weeks.
Several community leaders joined Invest Atlanta, the Mayor’s Office and Councilmember Hall in gaining approval for the Opportunity Zone. They included Georgia Department of Community Affairs Commissioner Mike Beatty; Fulton County Commissioner Joan Garner; Walter Dukes, Metro Atlanta Region SVP, Georgia Power; and Mtamanika Youngblood, chair of the Historic District Development Corporation. Invest Atlanta and Georgia Power co-sponsored the research required for the Opportunity Zone application.
For a map of the Auburn Avenue Opportunity Zone, click here:
About the Atlanta Streetcar
The Atlanta Streetcar project is a cooperative effort by the City of Atlanta, the Atlanta Downtown Improvement District (ADID) and MARTA. The 2.7-mile line will run through the heart of Atlanta's business, tourism and convention corridor, bringing jobs and new economic development to the city. The streetcar line will include 12 stops with access to major attractions like the World of Coca-Cola, CNN Center, the Georgia Aquarium, the Dr. Martin Luther King Jr. National Historic Site and the historic Auburn Avenue corridor, the birthplace of the Civil Rights movement. The route will directly connect with MARTA’s rail and bus systems, and will have eventual connectivity to the Atlanta BeltLine. New bicycle facilities, upgraded sidewalks and pedestrian environments are all part of the Atlanta Streetcar project.
Construction of the alignment is currently underway and service for the Atlanta Streetcar is scheduled to begin in the spring of 2014.
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.
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