Politics & Government

City Council Will Vote on New Opportunity Zone Tonight

If the new zone is approved by the council, business owners could apply for tax credits for job creation on their 2013 returns.

The Smyrna City Council will decide whether or not to expand the scope of the 2011 North Smyrna Urban Redevelopment Plan during their meeting Tuesday evening.

The amended plan will expand the size of the city's economic opportunity zone by 59 parcels, or 41.8 acres, according to the draft plan that is attached to this article. The current economic opportunity zone is 543 parcels, or 693.8 acres.

Businesses that operate in the economic opportunity zone are eligible to receive a $3,500 state tax credit if they hire and retain more than two full-time workers. 

Eligible businesses can claim the tax credit for up to five years after the jobs are created, as long as the jobs are maintained throughout the five year period.

According to Economic Development Coordinator Jered Sigmon, if the council approves the zone expansion tonight, the tax breaks could become effective before the end of 2013, which would allow eligible businesses to apply for the tax credit on their 2013 taxes.

Two-thirds of the proposed expansion to the opportunity zone contains buildings that are deteriorating or dilapidated. One quarter of the parcels are empty lots, including a 12 acre construction project that has stalled.

The new parcels are located at the intersection of Atlanta and Spring roads, and around the intersection of Roswell Street and Hawthorne Avenue. Please see page 25 of the attached draft proposal to see the exact boundaries.

Parcels which are included in the opportunity zone must be in a census block group with at least 15 percent poverty or immediately adjacent to such a block group.

The Smyrna City Council will meet to discuss and vote on this and other issues during their meeting at Smyrna City Hall at 7:30 p.m. on Tuesday, Sept. 3. Smyrna-Vinings Patch will provide a live stream for readers who are unable to attend the meeting.


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