We have some exciting plans in the works from our Economic Development office at the City of Canton.
One is an Urban Redevelopment Plan, which is a tool used by local governments to stimulate private investment in areas of need. It includes an assessment of the existing conditions and an implementation plan. Adopting an Urban Redevelopment Plan is an essential step in getting tax credits through the Opportunity Zone program designated by the Georgia Dept. of Community Affairs and other sources of funding.
An Opportunity Zone is an area where businesses can receive State tax credits upon the creation of two or more jobs. The Opportunity Zone designation is good for 10 years and allows a credit of $3,500 per created job.
The Central City Urban Redevelopment Plan is intended to address areas in the city’s historic downtown and central business district that are in need of redevelopment. This area includes portions of census tracts 906.01 and 906.02, which, while home to many businesses and community activities, contain structures and areas exhibiting pervasive poverty, underdevelopment, general distress, and other indicators of blight.
The Central City Urban Redevelopment Plan is the City of Canton’s pursuit to have the area designated an Opportunity Zone.
The Central City Urban Redevelopment Plan public hearing is set for the July 3 city council work session and pending adoption at the July 19 city council voting session.
For more information about the public hearing or the ongoing plans, please feel free to contact me at the This email address is being protected from spambots. You need JavaScript enabled to view it..