State officials have designated downtown Atlanta’s historic Auburn Avenue district as an Opportunity Zone, creating new tax incentives for local business owners.
Matt Ruppert owns an Italian restaurant called Noni’s in the area and says tax credits could mean new workers.
“Since details of the initiative were rolled out, I’ve been trying to figure out where I could have more employees on staff,” said Ruppert. “I’m already thinking about how I can do this.”
Businesses located within Opportunity Zones can get $3,500 for every new worker hired.
Georgia’s Department of Community Affairs administers the program. Local governments can apply parcels of land located within or near an area with a poverty rate of 15% or higher.
Duriya Farooqui, the city’s chief operating officer, says the Auburn Avenue district is on the cusp of a major turnaround. She says the tax credits and the coming Atlanta Streetcar add to the momentum.
“It really becomes a corridor that is not just going to see a resurgence in economic development but it will be one that is anchored in small and medium-sized business activity,” said Farooqui.
Ten other areas in Atlanta are currently designated Opportunity Zones, including Midtown and Downtown Atlanta.
9(MDAxODM0MDY4MDEyMTY4NDA3MzI3YjkzMw004))
