The Georgia Department of Community Affairs has approved extending Roswell’s opportunity zone to include five additional parcels located within five specified areas, making Roswell’s Opportunity Zone the largest in the state of Georgia.
“It’s the 300-pound gorilla in our tool box,” said Steve Stroud, executive director of the Roswell Business Alliance.
Roughly speaking, the existing zone tracks Ga. Hwy 9 north and south through the city and Ga. Hwy 92/Holcomb Bridge Road from just west of Mansell Road east past Ga. Hwy 400.
Stroud said the additions to the zone include an area near the Home Depot shopping center east of Ga. 400, a parcel at Mansell and Old Warsaw roads, the old Herman Miller building on Mansell and Ga. Hwy 92/Crossville Road from Crabapple Road to Ga. Hwy 9.
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.
While a relatively new concept for Roswell, the opportunity zone has proved its effectiveness, according to Stroud.
“We’ve already placed new businesses in the opportunity zone this year,” he said.
Among those businesses are Paper Host, a web-based document management company on Mansell Road; Black Lab Automotive, which bought a building in the zone and moved its operation from Sandy Springs; and the newest outpost for the popular Pure Taqueria restaurant chain, which will soon open on Alpharetta Street.
The ability to offer the tax credits “has sealed the deal for many opportunities to bring new businesses and jobs into Roswell,” Stroud said. “We bring it up to companies all the time if they are looking at Roswell.”
The opportunity zone in Roswell was officially designated in May 2010 and 22 companies have been certified to apply for Roswell Opportunity Zone job tax credits since that time.
Stroud said Roswell is the only city in north Fulton that has such a zone.
For more information, contact Stroud at (770) 640-3253.