Atlanta city officials announced tax incentives Tuesday for businesses that move to or expand in the corridor where rail lines are being installed for the first phase of Atlanta’s streetcar system.
The streetcars will connect Centennial Olympic Park (which has easy access to the Georgia Aquarium, the World of Coca-Cola, the Georgia World Congress Center and the CNN Center) to the Martin Luther King Jr. National Historic Site.
The route also will provide easy access to Georgia State University, the Sweet Auburn Curb Market and Grady Memorial Hospital.
Sponsors of the streetcar project have high hopes that the Streetcar project will help revitalize the corridors it serves by attracting more residents, businesses, and visitors. It is a unique effort by the Federal DOT, the City of Atlanta, the Atlanta Downtown Improvement District and MARTA.
On October 15, 2010, the City of Atlanta was awarded $47.6 million in TIGER II (Transportation Investment Generating Economic Recovery) funding for the Atlanta Streetcar project. The total cost of the project includes $15.6 million in capital match contributions from the City of Atlanta and $6 million from ADID as part of their total contribution of $20 million over 20 years.
The tax incentive, announced by Invest Atlanta, the city’s economic development arm, will provide a tax benefit for businesses looking to relocate or expand, bringing jobs and helping to create a more vibrant business community.
Read more: CBSAtlanta