Flowery Branch seeks Opportunity Zones ASAP | AccessNorthGa

FLOWERY BRANCH – The Flowery Branch City Council approved a measure Thursday evening to spend an estimated $9,000 to have the Bleakly Advisory Group of Atlanta submit an application on their behalf to the Georgia Department of Community Affairs seeking Opportunity Zone status.

An Opportunity Zone is a specified area that meets certain criteria. According to the DCA website, areas for consideration are within or adjacent to a census block group with 15% or greater poverty and where an urban redevelopment plan exists.

Once approved by DCA, new and existing businesses in that designated area can receive a $3500 tax credit for each new employee they hire (minimum of two new employees required). Zone designation and the tax credits last for ten years.

Opportunity Zone designations – and their adherent tax credits – are a powerful attractant for new business. Gainesville received their first Opportunity Zone designation in 2010 and is applying for a second. Likewise, Hall County and the City of Oakwood have submitted applications and are awaiting decisions.

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