Income Inequality: Marissa and Alli
Income inequality is depicted in Census tract 505, showing disparities in median incomes and poverty levels. The struggle to break the cycle of economic disparity is highlighted at Henry Hosea House, where efforts are made to secure a better future for children. Explore the complexities of income inequality through data on median incomes and poverty thresholds.
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Presentation Transcript
Georgia House of Representatives Rural Development Council Rusty Haygood, Deputy Commissioner June 15, 2017
Who is DCA? Advocates for Georgia s communities Housing, economic development, community development, planning, etc. DCA s Toolbox Financing Incentives Partnerships Technical Assistance
Communities indicate a need to address: Infrastructure improvements Education to understand possible programs Help identifying funding for projects Access to capital/credit for private sector Population decline, both a troubling and problematic reality
Getting Ready for Economic Development . Planning Local Champions/Leaders Setting Yourself Apart Workforce Availability Satisfactory Infrastructure Be Realistic
Education & Training Downtown Development Handbook Rural Development Handbook Regional Commission Board Training DCA Fall Conference
Economic Development Financing Tools Community Development Block Grant Employment Incentive Program Redevelopment Fund OneGeorgia Equity Funding REBA & EDGE Downtown Development Revolving Loan Fund
Economic Development Financing Tools Community Development Block Grant Federal funding from HUD Underlying program for several set-asides Geared toward community development activities to benefit low-to-moderate income individuals Recent examples: Sylvania (2016) rehabilitation of sewer lines Ellenton (2016) street and drainage improvements
Economic Development Financing Tools Employment Incentive Program Federal CDBG set-aside for economic development purposes to benefit low-to-moderate income persons Eligible activities include: water, sewer, rail spur, road, etc. Capacity building projects are ineligible Recent examples Alma (2016) water/sewer to benefit Alma Pak Berrien Co. (2014) M&E loan to Coyote Manufacturing Hart Co.. (2015) wastewater treatment plant Lake Foods
Economic Development Financing Tools Redevelopment Fund Federal CDBG set-aside to address slum & blight issues within the community Redevelopment projects within a community are often challenging to structure Many times involve public-private partnerships Recent examples Clarkesville (2016) Luthersville (2016)
Economic Development Financing Tools OneGeorgia Equity One of more flexible tools Increasing capacity & enhancing competitiveness are eligible and, in fact, part of program s purpose Encourages use of other programs before OneGeorgia Recent examples Bainbridge/Decatur County (2016) spec building loan Jefferson Co. (2016) infrastructure for Airport Ind. Park
Economic Development Financing Tools REBA/EDGE Discretionary deal-funding tool Partnership between GDEcD & DCA Multi-state competition Recent examples Bryan Co. (2014) Caesarstone Walker Co. (2015) Audia Plastics
Small Business Resources Tier 1 Tax Credit Benefits Defined Business Enterprises 2 net new job minimum $3,500 credit/job; possible $500 JDA bonus Can be used for 100% state income tax liability and withholding tax
Small Business Resources Bottom 40 Tax Credit Benefits Any lawful business 2 net new job minimum $3,500 credit/job; possible $500 JDA bonus Can be used for 100% state income tax liability and withholding tax
Bottom 40 Counties Hancock Ben Hill Taliaferro Telfair Clay Jenkins Taylor Emanuel Wheeler Macon Webster Screven Burke Treutlen Calhoun Warren Quitman Clayton Clinch Wilkes Dooly Randolph Jefferson Stewart Baldwin Crisp Wilcox Lanier Montgomery Sumter Brantley Bleckley Johnson Irwin Murray Dougherty Berrien Dodge Twiggs Bulloch
Small Business Resources Less Developed Census Tract Tax Credit Benefits Defined Business Enterprise 5 net new job minimum $3,500 credit/job; no JDA bonus Can be used for 100% state income tax liability and withholding tax
Small Business Finance Tools State Small Business Credit Initiative Created out of Small Business Jobs Act (2010) Access to credit for small businesses Just came out from under U.S. Treasury oversight and modified the parameters of the program Small Business Credit Guarantee program Loan Participation Program Lending institutions can contact DCA for more information
Economic Development Financing Tools Downtown Development Revolving Loan Fund Gap-financing tool with below-market interests rates Communities under 100,000 population Purpose is to revitalize and develop downtowns End-user may be public or private entity Recent examples: Blairsville (2016) Cabin Coffee
Downtown Development Nationally recognized Main Street Program 4-Point Approach Design Organization Promotion Economic Vitality MainStreet 101 & 201 Webinars Customized Trainings Technical Assistance Best Practices
Legislative Summary Rural Revitalization Bill (HB 73) Tax credits for rural downtowns with less than 15,000 population Requirements: Economic Distress Concentration of historic commercial structures Feasibility Study/Market Analysis of businesses Master Plan/Strategic Plan to assist investment Credits for: Creating small business jobs Acquiring downtown properties Rehabilitating downtown properties
Legislative Summary Georgia Agribusiness and Rural Jobs Act (SB133) Tax credits for rural investors upon making a capital investment in a rural fund Requirements: Rural Fund must obtain designation from DCA 10% of investment initially invested in eligible business engaged in agribusiness Rural Fund receive capital investment within 60 days of authorization by DCA Credits against: Any state tax liability (but cannot be sold or transferred)
