The city of Atlanta has won an economic development designation for stretches of Metropolitan Parkway and Cleveland Avenue that officials hope will help stimulate job growth and redevelopment.
The state Department of Community Affairs awarded the Opportunity Zone designation, which offers tax credits for newly created jobs within the area’s boundaries, the city said Monday. Businesses within the zone can qualify for up to $3,500 in annual tax credits for each new job created, with a minimum net of two jobs. The credits are valid for up to five years.
The zone includes a stretch of Metropolitan Parkway south of Lakewood Freeway to Mount Zion Road. It also includes portions of Cleveland Avenue west and east of I-85 and a separate stretch of Cleveland Avenue slightly east of I-75.
“Opportunity Zones give existing businesses the incentive to expand and motivate entrepreneurs to create new ventures,” Mayor Kasim Reed said in a news release.
