Regularly scheduled DDA board meetings are held on the second Thursday of each month at 8:30 a.m. at the DDA office
located at 936 Broad Street, Suite 107. This is a tentative schedule. Please call 706-722-8000 to confirm.

NOTICE: The regularly scheduled Downtown Advisory Panel meeting will be held on Wednesday, February 22, 2017 at 8:30 a.m. at the Westobou Gallery located at 1129 Broad Street, Augusta, GA 30901.

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Incentives

There are a number of financial incentives in place to support downtown investment. The following section highlights the most commonly used.

  • Revenue Bonds - Revenue Bonds (RBs) are financing instruments issued through the Augusta Downtown Development Authority. Both taxable and tax-exempt revenue bond financing is available at competitive, below-prime interest rates. RBs provide financing for land, building and equipment acquisition for new and expanding manufacturing plants. The Augusta DDA also has SPLOST funds available for short-term loans.

  • Most of downtown Augusta lies within a National Register of Historic Places-listed district. There are currently three tax incentive programs that are available to downtown property owners. A federal program provides a 20% investment tax credit for a certified rehabilitation when the value of the investment exceeds the adjusted basis of the property. A similar program applies to state income taxes, and another can freeze the local property tax assessment for a period of years.

  • Downtown businesses may apply for façade grant funding to the City of Augusta’s Housing & Economic Development Department. Funding is made available to improve the visible architecture of buildings.

  • U. S. Small Business Administration (SBA) Loan Programs – Includes the SBA 504, SBA 7(a) and SBA Low-Doc low-interest loan programs. SBA 504 can be used for fixed assets, such as land, buildings, machinery and fixtures. SBA 7(a) and Low-Doc can be used for most purposes, including inventory, working capital, vehicles and business acquisitions. CSRA Business Lending administers the SBA 504 program. A bank is the lender on the 7(a) and Low-Doc programs, with the SBA guaranteeing the loans.

  • CSRA Revolving Loan Fund – An internal revolving loan fund of CSRA Business Lending. Loans up to $150,000 are available for most purposes.

  • Link Deposit Program – The Link Deposit Program is designed to provide eligible small, minority and women-owned businesses additional sources of loan funds. The Program is administered by the Augusta Human Resources Department in cooperation with local banks.

  • Economic Development and Recaptured UDAG Loan Fund Programs - The Economic Development and Recaptured UDAG Loan Fund Programs were created to finance development projects, establish new businesses and/or expansion of existing businesses, and create employment opportunities for low and moderate-income persons. Loans range between $5,000 and $25,000, with repayment periods of up to 7 years. Recaptured UDAG Loans range between $25,000 and $150,000, with repayment periods of up to 10 years. Eligible uses include business acquisition and construction, land acquisition, purchase of equipment and machinery, working capital, and pollution control and abatement. The program is administered by Augusta’s Housing and Economic Development Department.

  • The Georgia Municipal Association provides loans for projects that are likely to have a positive economic impact on communities. Project selection is dependent on potential to induce private investment.

  • Georgia's Business Expansion and Support Act of 1994 (B.E.S.T.) allows statewide job tax credit and investment tax credits for businesses locating or expanding in Georgia.
    • Job Tax Credit: Tax liability for any one-year may be reduced by a maximum of 100%. Eligible businesses include those involved in manufacturing, warehousing, distribution, processing, tourism and research and development. This credit may be carried forward up to ten years. For Augusta, a $2,500 tax credit is available for the creation of 10 jobs.
    • Job Tax Credit Joint Development Authorities: Legislation provides for an additional $500 job tax credit for counties that are members of a Joint Development Authority, of which Augusta is a member.

  • Investment Tax Credit: Available to manufacturers or telecommunications companies having a presence in Georgia for at least 5 years. The company must spend at least $50,000 on an expansion project.

  • Optional Investment Credit: Larger credits can, depending on location, offset up to 90% of a manufacturer’s increased income tax liability following a major expansion. These larger investment tax credits can be carried forward for 10 years but may not be taken in conjunction with the job or investment tax credits. For Augusta, a minimum investment of $10 million results in an 8% tax credit.

  • Retraining Tax Credit: Firms providing retraining for employees may receive a tax credit of 25% of their costs, up to $500 per participant, to a maximum of 50% of state income tax liability.

  • Corporate Headquarters Tax Credit: Companies establishing or relocating their headquarters to Georgia may be eligible for a tax credit if the headquarters is defined as the principal central administrative offices of a company. New jobs created at the new headquarters must be full-time and must pay above the average wage.

  • Ports Job Tax Credit: Companies that increase traffic shipped through Georgia ports by 10% or more in a year may be eligible for larger job tax credits. The amount of the bonus tax credit for qualifying firms is $1,250 per job. Applicants must also be eligible for job tax credits under the B.E.S.T. legislation.

  • Research and Development Tax Credit: A tax credit is allowed for expenses of research conducted within Georgia for any business or headquarters of any such business engaged in manufacturing, warehousing and distribution, processing, telecommunications, tourism and research and development industries.

  • Child Care Credit: Employers providing or sponsoring child care for employees are eligible for a tax credit of 75% of their costs, up to 50% of state income tax liability.

  • Small Company Business Growth Tax Credit: A tax credit is granted for any business or headquarters of any such business engaged in manufacturing, warehousing, and distribution, processing, telecommunications, tourism, and research & development industries having a state net taxable income which is 20% or more above that of the preceding year if its net taxable income in each of the two preceding years was also 20% or more.

  • Sales Tax Exemptions: In certain circumstances, sales tax exemptions are available for manufacturing machinery, raw materials, purchase for resale, machinery purchased new and used directly in the manufacturing process, pollution control equipment, machinery components, computer equipment, primary material handling and electricity.

  • One Georgia Fund: The One Georgia Authority supports economic development projects through loans and grants to support local and regional economic development strategies.
    • Edge Fund - Special financial assistance is provided to eligible applicants for locating economic development projects. Response to applications is quick due to the sensitive nature of projects and their tight timeframes. Eligible applicants include city/county governments, development authorities or other public entities.
    • Equity Fund - The purpose of this fund is to provide a program of financial assistance that includes grants or loans and any other form of financial assistance to provide for infrastructure, services, facilities and improvements.


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