The City of Greensboro is working to spread the word that an empty store front might be more than it seems. With approval of the city’s new Opportunity Zone designation, commercial vacancies represent big tax incentives for new or expanding businesses.
“Greensboro has always been a great place to do business,” explains Better Hometown Manager, Cail Hammons. “We believe the new tax incentives Greensboro offers through the Opportunity Zone make the city even more attractive as a location for new business.”
The Georgia Department of Community Affairs announced Greensboro’s Opportunity Zone designation at the end of 2011. The zone encourages job creation within the much of the city’s commercial districts. Businesses located within the zone may receive a $3,500 job tax credit for each new job created with a minimum of two new jobs required. The credit may be claimed for five years.
“We want to get the word out to our business community and property owners that the Opportunity Zone is in place,” explains Hammons. “The city expects the Opportunity Zone designation to attract new businesses to Greensboro, particularly to downtown,” explains Better Hometown Manager Cail Hammons. “The designation will also help any existing businesses to expand and create new jobs.”
The city’s Opportunity Zone took effect for all jobs created within the businesses fiscal year 2011. The job tax credits may be claimed on 2011 tax returns.
The city of Greensboro has worked to create a competitive packet of incentives and benefits for businesses that locate within downtown. The city’s Better Hometown Program and Downtown Development efforts support downtown businesses with a full promotional calendar. The city’s façade grant program offers grants to business or property owners that make exterior improvements to downtown buildings. In addition, the city partners with the local merchants’ organization, the Greensboro Business Association, to offer improved pedestrian signage and business to business collaboration.
For more information about opportunity zones in Georgia, please visit the Georgia Department of Community Affairs website at http://www.dca.state.ga.us/economic/DevelopmentTools/programs/opportunityzones.asp.
For local information about Greensboro’s opportunity zone, contact Greensboro Better Hometown manager, Cail Hammons at (706) 453-7674.