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Atlanta Economic Development
Transcript of Atlanta Economic Development
2. Capital of Georgia
3. Hub of higher education and a national leader in attracting young educated adults (more than 30 schools)
4. City has failed to support two National Hockey League franchises (Flames, Thrashers)
5. Ranked #4 in number of Fortune 500 companies Overview of a Sun-Belt Jewel: Regional Comparison Atlanta is a premier American city with national recognition
More immediate competitive cities / markets are in the South, often labeled the Sun-Belt Atlanta Atlanta's Background Series Sun-Belt Cities Rankings 2011 Regional Economic Scorecard
Produced by the Tampa Bay Partnership
Cities of Tampa Bay, Atlanta, Charlotte, Dallas, Jacksonville, and Raleigh/Durham ranked in six categories to reach an index score of economic development Of the cities examined, Atlanta ranks: #4 in Employment and Workforce
#4 in Income and Productivity
#2 in Housing
#2 in Innovation
#4 in Education
#5 Transportation Overall Rankings 1.Raleigh/Durham
5. Tampa Bay
6. Jacksonville Atlanta Beltline: A comprehensive development project 1. 22-mile railway corridor circling the city and connecting 45 neighborhoods
2. Greenspace development: Rehab existing parks and create new parks in blight areas. Will increase city park space by 40%
3. Multi-use trail system connecting through the corridor
4. Proposed light rail transportation system 5. Affordable housing in connected neighborhoods
6. Projected $20B in economic development over 25 years
7. Atlanta Beltline Inc. is tasked as the master fund coordinator and the design and implementation of the Beltline (authorized through the Atlanta Development Authority – agency of the city government)
8. Overall projected cost $2.8B Atlanta Beltline: A comprehensive development project (..continued) Atlanta Beltline: Funding $18M via the Atlanta Regional Commission (Transportation Improvement Plan)
$2M for Trail Construction
$240M long-term via the ARC TIP
Much of this funding is dedicated to purchasing right-of-way along planned rail path Capital Campaign: Atlanta Beltline: Atlanta Beltline Partnership – Non-profit Organization established to promote and raise private funds from the Atlanta business community
$60M Capital Fundraising Campaign goal (currently at $35.7M City Funding: Atlanta Beltline: $165M through Park Opportunity Bonds, Dept. Watershed Mgmt funds, and Capital Improvement funds
The Major Source – Atlanta Beltline Tax Allocation District
Expected to generate $1.7B over 25 term Atlanta Beltline Tax Allocation District A geographic district comprising properties within the Beltline are determined
The property tax assessment level at the time of the allocation is set and the city/county continues to receive these revenues
Bonds are issued to finance the construction and development of the Beltline Project
All new property tax revenues from new and increased property values as a result of the project pay the principal and interest on the bonds
Essentially it is a vehicle for investors to provide funding based upon the strength of the Beltline project and provides an innovator way to inject serious funding into a major project. Short List of Partners Governmental / Quasi-Governmental:
City of Atlanta
US Environmental Protection Agency
US Dept. of Transportation
Georgia Environmental Protection Division
Atlanta Development Authority
Atlanta Beltline Inc.
Atlanta Regional Commission – agency to coordinate regional development Non-Profit:
The Trust for Public Land – Acquiring land
Atlanta Beltline Partnership – fundraising and planning
PATH – Acquiring land
Metro Atlanta Chamber of Commerce Short List of Partners Goals 1,300 acres of new parks
33 miles of mixed-use trails
Generate $20B in new economic development
Create 30,000 new jobs
Create 5,000 new units of affordable housing 3. Atlanta Doing business in Atlanta With population nearing 420,000 the City of Atlanta continues to be one of the fastest growing cities in the nation. By working with the State of Georgia, the Federal Government and nearby local communities, the City of Atlanta’s goals for it's city include creating a viable job market for its residents. Businesses are expanding in the City because of: • A vibrant business community
• Excellent logistics
• Many options for residents within the City
• A community rich with institutions of higher education and excellent health care
• Talented and highly skilled workforce Atlanta Renewal Community
Federal: Renewal Community Wage Credit
Commercial Revitalization Deduction
Capital Gains Exculsion Atlanta Renewal Community
State: $3.3 million to create summer jobs for eligible teenagers City of Atlanta Business Incentives Economic Opportunity Fund
Tax Allocation Districts
Business Improvement Loans
New Markets Tax Credits City of Atlanta and Fulton County The City of Atlanta is Fulton County’s county seat and work closely together to provide services to Atlanta residents. CardioMEMS Atlanta location Why not Atlanta? Development Incentives and Job Growth Domestic and Foreign Business Attraction
Federal, State, and Private funding/Job Creation
Land Bank Authority Role of Atlanta Chamber of Commerce Role of Atlanta Chamber of Commerce Metro Atlanta area is currently home to 13 Fortune 500 and 24 Fortune 1000 headquarters. Atlanta Economic Development and Job Growth U.S. / Corporate Headquarters
Rubbermaid. Business Funding/Job Creation Federal and State Grants
In 2010, $50 million in HUD funding/ impacted 100,00 families and created an estimated 3-5 thousand jobs which generated approx. $5 million in state revenue.
Atlanta Development Authority (ADA) $3.3 million from state. Vine City/Job training center built Business Tax Incentives Tax Allocation Districts
Encourage development in underdeveloped areas. Funded through sales tax and increase in redevelopment.
Opportunity Zones- 1 percent tax credit on capital investment of $50,000 for manufacturers and telecommunications. Business Tax Incentives (continued) Quality Job Tax Credit
Advance job tax credit up to $5,000 per job per year for five years for job relocation.
Can be used against corporate income tax liability.
New Market Tax Credits - $80 million in gap financing from U.S. Treasury. ADA Business Incentives Business Improvement Loan Fund
Provided by for development of commercial/industrial property.
Phoenix Fund – up to $100,000 for small-medium development.
Land Bank Authority – extinguish tax liens in support of commercial redevelopment. Strong intergovernmental relationship State, Federal, and Local government partnership/promotion of redevelopment and job growth.
Innovative incentives to attract and retain business. and the City of Atlanta Workforce Development Agency Atlanta Beltline
Atlanta Housing Authority Integral role in training the Atlanta workforce