The Georgia Department of Community Affairs has approved the expansion of Roswell’s opportunity zone. The expanded boundaries now include five additional parcels located within five specified areas, making Roswell’s Opportunity Zone the largest in the state of Georgia.
Expanding the Opportunity Zone is a strong instrument to advance economic development and further Roswell as a business friendly community. New or existing businesses inside an opportunity zone that hire at least two workers are eligible for an annual income tax credit of $3,500 for each job they create. The credits are good for up to five years, or $17,500. Therefore, businesses located within the zone will be able to help create and retain jobs within the city limits.
Roswell is “thrilled to receive the news that expansion of our opportunity zone has been approved by the Department of Community Affairs," said Dr. Betty Price, Roswell City council member. "This incentive will attract new businesses who are comparing the cost of doing business with other locations and come to the logical conclusion that Roswell is the best choice overall for their relocation.”
Since the initial 2010 Opportunity Zone designation, 22 companies have been certified to apply for Roswell Opportunity Zone job tax credits.
“Roswell is not only a great place to live, but an attractive location to relocate or expand a business in our opportunity zone where the cost of doing business is much lower due to this incredible tax incentive for hiring new employees,” said Price.
Kevin Lott, Vice President of Jones Lang LaSalle, has already secured new jobs in the area due to the expansion and tax credits, saying “The expansion has directly impacted the ability to secure two commitments from companies to locate their new jobs in Roswell in the past week, adding 25-30 new jobs. In addition, several companies requested information on the tax benefits with the potential for significant new jobs to Roswell.”
One of the businesses to most recently set up shop in Roswell is The McDonnell Group, which officially relocated to new offices on East Crossville Road on Aug. 29.
Lott added, “The timing of expanding the Roswell Opportunity Zone is critical to help land new jobs that expect to hire new positions this fall.”
Information can also be found at the Georgia Department of Community Affairs website. For more information on business expansion in Roswell, contact Roswell Business Alliance Executive Director, Steve Stroud at 770-640-3253. The most current Opportunity Zone information can be found on the City of Roswell’s website.