An Urban Redevelopment Plan (URP) is a general plan for redevelopment and targeting of public investments. It provides municipalities with powers to rehabilitate, conserve, or redevelop a blighted area and encourages involvement of private enterprise and public private partnerships to redevelop neglected areas of the community. URPs also allow use of tax exempt bonds for redevelopment purposes.
The GA Department of Community Affairs (DCA) reviews local plans to make sure state incentives are given to governments meeting the required components of the URP. ACC has applied to GA DCA to establish Opportunity Zones (OZs) in Athens-Clarke County as noted on the URP map. An OZ is a job tax credit program that offers businesses that create two (2) or more jobs a tax credit of $3,500 per job.
Opportunity Zones must be within or adjacent to one or more contiguous census block groups with a 15% or greater poverty rate; part of an Enterprise Zone or where an URP has been adopted by the local government; and must display pervasive poverty, underdevelopment, general distress, and blight. DCA approves OZs through an application process. Normal application review time by DCA is six (6) months from application date.
For more information, contact Marqueta Reese at 706-613-3155.