New Georgia Opportunity Zones aim to uplift parts of SW Atlanta ( atlanta.urbanize.city )

New Georgia Opportunity Zones aim to uplift parts of SW Atlanta
Josh Green
Wed, 06/26/2024 - 17:26
A program that’s helped create thousands of jobs and lent economic boosts to parts of Atlanta has now been approved for two important corridors on the city’s southwest side.

The Georgia Department of Community Affairs has designated areas of land along Martin Luther King, Jr. Drive and on Campbellton Road near Greenbriar Mall as Opportunity Zones in an effort to attract economic investment, officials with Invest Atlanta announced today.

In Georgia, the Opportunity Zone program aims to encourage job creation, economic revitalization, and business growth by providing tax credits to businesses that generate jobs within designated areas.

The Southwest Atlanta parcels in question, according to Invest Atlanta officials, met DCA requirements for Opportunity Zone status as they were deemed to be underdeveloped, blighted, and under general distress.

On Campbellton Road, the properties mostly fall within Atlanta City Council District 11, and on MLK Jr. Drive, they’re largely within District 10. (We’ve asked Invest Atlanta for specific addresses or a map that highlights the parcels in question, and we’ll update this story with any further details that come.)

https://atlanta.urbanize.city/sites/default/files/styles/950w/public/2022-11/Oakland%20City%20station%20-%20Campbellton%20Road%20Community%20Investment%20Corridor%20.jpg?itok=YqOSDu6p
Potential redesigns of MARTA's Oakland City station that came to light in 2022. Xmetrical

In any case, businesses located on the specified parcels are now eligible to apply for Opportunity Zone tax credits, a process coordinated in the city by Invest Atlanta.

In Georgia, the $3,500 (per job) state tax credit is made available to businesses that create at least two jobs in a tax year. The credits are good for up to five years—up to a maximum of $17,500, so long as the new jobs are maintained, according to program officials.

The sections of Campbellton Road and Martin Luther King, Jr. Drive will join seven other Georgia Opportunity Zones currently active across the city. According to Dr. Eloisa Klementich, Invest Atlanta president and CEO, the Opportunity Zone programs have generated 4,601 jobs in underserved areas of Atlanta over the past five years.

“These new Opportunity Zone designations, extending from the West Lake MARTA station all the way to [Interstate] 285, will spark new economic activity and job creation in District 10 along the MLK corridor,” said Andrea Boone, Atlanta City Councilmember, in a prepared statement.

Those join more than 8,760 Qualified Opportunity Zones across the United States, each designated to spur economic growth and investment in distressed areas through tax incentives, as established under the 2017 Tax Cuts and Jobs Act.

The news follows MARTA’s announcement in April that the Federal Transit Administration has awarded a $750,000 grant that’s expected to put planning efforts into motion for equitable redevelopment of communities along MARTA’s future bus rapid transit line on Campbellton Road. (See examples of what that could look like in the gallery above).

The transit agency is working alongside City of Atlanta officials on that project’s planning phase, according to MARTA.

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• Images: 2 projects aiming to boost Greenbriar Mall area have arrived (Urbanize Atlanta)