Urban Creek Partners and the Grove Park Foundation today announced that the Georgia Department of Community Affairs and Georgia Department of Economic Development have certified Donald Lee Hollowell Parkway/Grove Park as an Opportunity Zone (OZ) making the area eligible for tax incentives designed to spur long-term investment. The designation will help to further the revitalization efforts happening in Atlanta’s Westside communities.
Opportunity zones are considered an economic development tool designed to spur new job creation and investments in underserved communities. Businesses within the new Donald Lee Hollowell/Grove Park OZ boundaries can begin taking a tax credit of $3,500 per year, per new job, beginning on or after January 1, 2019, provided a minimum of two net new jobs are created, among other requirements, which can be found at dca.ga.gov. Businesses unable to use the credit against their Georgia Income Taxes can claim the excess credit against their withholding taxes, if they follow specific rules.
“State Opportunity Zones are vital to steering new jobs and business activity to communities with higher poverty rates and stagnation,” said Dr. Eloisa Klementich, President and CEO of Invest Atlanta. “Invest Atlanta, Grove Park Foundation and Urban Creek Partners coordinated with the State of Georgia to obtain this much-needed designation that can further economic revitalization of the Westside. We are working closely with Urban Creek Partners and other development partners to bring affordable housing to Quarry Yards as this part of the city grows with new investment.”
According to Joel Bowman, co-founder – Urban Creek Partners, developers of Quarry Yards, “The Donald Lee Hollowell Parkway/Grove Park Opportunity Zone will serve as a critical catalyst in incenting companies to move to new developments like Quarry Yards based on the job tax credits and the ability to reinvest those funds in expansion and innovation.
“More than 20,000 cars travel from Cobb and Douglas counties to downtown along Donald Lee Hollowell Corridor each day. As businesses discover the incredible access and connectivity in Grove Park, we will build a strong tax base and launch even more services to continue to lift this community up – keeping the long-term residents in place and attracting new ones to grow our neighborhood’s diversity,” said Debra Edelson, executive director – Grove Park Foundation. “Next steps for the Opportunity Zone will include the development of an Advisory Committee to thoughtfully guide the Zone’s promotion and development within it.” Atlanta City Councilman Dustin Hillis also added, “I’m thrilled to see what Grove Park Foundation is doing in combination with Urban Creek Partners to make significant impact on the area that has long been filled with vacant and dilapidated properties. With the Proctor Creek Trail as a community centerpiece, along with the city’s soon to be largest park and eventual access to the BeltLine, I believe the Opportunity Zone will truly help businesses discover the beauty and accessibility of Grove Park.”