Henry County Seeking to Promote Economic Development with Opportunity Zones

Earlier this month, the Henry County Board of Commissioners adopted an Urban Redevelopment Plan for underdeveloped and blighted areas in west Henry County around the city of Hampton.  The plan was prepared in conjunction with the City of Hampton, and the action to adopt the plan came at its April 16 regular meeting.  The City of Hampton has scheduled the proposed adoption of the Redevelopment Area within the City limits to be heard at their May 1st council meeting.
The area was selected based on the results of the 2010 census which showed that at least 15 percent of the population within this area (census tract) falls below the poverty level.  Such a designation renders this area, and adjacent areas, eligible for the Opportunity Zone Job Tax Credits Program offered through the Georgia Department of Community Affairs.  This Program is expected to promote economic development and create quality local employment in an area of the County that currently suffers from higher unemployment than the state average.
Under the program, each new business that chooses to locate within the designated Opportunity Zone would earn a $3,500 job tax credit for each new job created if they create at least two jobs.  The credit could be taken against the business’ income tax liability and state payroll withholding.
Adopting a Redevelopment Plan for the impacted area is the first step communities must take in order to be considered for the Opportunity Zone Program.  Henry County’s Urban Redevelopment Plan involves areas around Hampton in which there is a predominance of buildings that have been determined to be dilapidated, vacant, or in otherwise blighted condition. 
The Urban Redevelopment Plan is consistent with the adopted Comprehensive Land Use Plan, which calls for future industrial and commercial development to be concentrated on major arterial corridors and within activity centers.  The Redevelopment Plan reinforces this by focusing on the Highway 20 corridor, and along Highway 19/41, both of which are appropriate for substantial redevelopment and best suited, by location and infrastructure, for application of the Opportunity Zone Benefits.
Henry County intends to complete two additional Urban Development Plans in and around the two other areas that have been identified, by the Georgia Department of Community Affairs (DCA), as potential Opportunity Zone locations.  These areas include central Henry County in areas in and around the City of McDonough, and northern Henry County, in and around the City of Stockbridge.  Because it is still such a rural area, and the population is still so spread out, no areas of Locust Grove were identified by the DCA as being  eligible for the Opportunity Zone Program at this time.
“Our goal is to make sure we maximize all the available economic development  tools that we are eligible for, and opportunity zones are yet another tool that our Development Authority can utilize in the recruitment and retention of businesses within the county,” said Michael Harris, Henry County Planning and Development Services Division Director.
For more information about Opportunity Zone Program, please visit http://www.dca.state.ga.us/economic/DevelopmentTools/programs/opportunityZones.asp.  To review Henry County’s Urban Redevelopment Plan, please visit www.hcpz.org.

	Follow Henry County Goverment on Twitter.
	Subscribe to Henry County Government RSS feeds.