R.U.R.A.L. (REVITALIZING UNDERDEVELOPED RURAL AREA LEGISLATION) OPPORTUNITY ZONE
The Monticello Downtown Development Authority (DDA) Board of Directors
are pleased to announce that the City of Monticello has been designated as a
Georgia Rural Opportunity Zone which becomes effective January 1, 2019. The purpose of
the rural zone designation is to assist in the revitalization of our community
with incentives for new and existing businesses in the downtown commercial
business district in Monticello by creating new jobs, investing in commercial
property, and restoring old buildings through incentives our downtown
entrepreneurs can benefit from.
During the 2017 legislative session, the General Assembly tasked the
Georgia Department of Community Affairs (DCA) and the Georgia Department of
Economic Development (GDED) with implementing and overseeing a Rural Zone
designation program, which provides tax credits to individuals creating jobs
and making qualifying investments within historic downtown areas. This year, the state has designated the
communities of Avondale Estates, Greensboro, Hartwell, Hogansville, Jesup,
Locust Grove, Monticello, Sylvester,
and Waycross as Rural Zones. Portions of each community designated as a Rural
Zone – primarily historic downtown areas – now allow for tax credits to
eligible businesses that create jobs and investors that purchase or
rehabilitate buildings within the designated Zone. The new Rural Zone designation lasts for a
period of five years.
Rural Zones focus on job creation and private investment in designated
areas. The program includes three tax
credit incentives: a Job Tax Credit, Investment Credit, and Rehabilitation
Credit. The basic criteria required for communities seeking the designation
include: having a population less than 15,000, having a core downtown area with
structures older than fifty years, demonstrating blight or disinvestment in the
downtown area, having implemented a strategic plan for the downtown area, and completing
market analysis indicating gaps within the local business makeup.
JOB TAX CREDIT: Must create two full time jobs. $2,000 credit per new full time equivalent job. Not to exceed $40,000 credit per year. Eligible businesses include professional service and retail. Credit can be taken for five years as long as jobs are maintained.
REHABILITATION TAX CREDIT: Equivalent to 30% of qualified rehabilitation costs not to exceed
$30,000. Credit should be prorated
equally in three installments over three taxable years. Must create a minimum of two full time equivalent
jobs.
INVESTMENT TAX CREDIT: This credit is for purchasing property
downtown within the Rural Revitalization Zone.
Equivalent to 25% of the purchase price not to exceed $125,000. To claim this tax credit the investment
property must be within the designated Rural Revitalization Zone and create two
full time equivalent jobs. Credit can be
claimed over 5 years.
The City of Monticello reactivated its Downtown Development Authority in July of 2016 and the current Board of Directors include Towonder Dennis, Judy Hunsucker, Martha King, Adam McGinnis, and Russell Watts. City Council Advisor Larry Thurman and Director/Secretary Pam Mayer. The DDA directors have focused on training and planning sessions to organize a plan of action to revitalize the downtown, which is the economic engine of Jasper County.
The City of Monticello reactivated its Downtown Development Authority in July of 2016 and the current Board of Directors include Towonder Dennis, Judy Hunsucker, Martha King, Adam McGinnis, and Russell Watts. City Council Advisor Larry Thurman and Director/Secretary Pam Mayer. The DDA directors have focused on training and planning sessions to organize a plan of action to revitalize the downtown, which is the economic engine of Jasper County.
“This
is an exciting time for our downtown area as well as the entire community and
we are ready to share the information with you.
This designation will encourage investment and revitalization which will
bring us a Happy New Year” stated Pam Mayer.
For more information about this new and exciting opportunity, contact the Downtown Development
Authority on how you can benefit.
Downtown Development Authority
Michele M. Celani, Director
139 W. Washington Street
Monticello, Georgia 762-435-4158