The Augusta Aviation Commission’s newly formed ad hoc committee on opportunity zones held its first meeting on Feb. 17.
The committee, chaired by Lynn Gladney, is looking at how the Augusta Regional Airport can use the federal government’s opportunity zones to spark economic development.
The U.S. Department of the Treasury and the Internal Revenue Service have designated Opportunity Zones in 18 States, including 260 census tracts in Georgia. Augusta has three such zones, the largest stretches from near Lake Olmstead south past the airport.
The first meeting was to begin determining what the airport leadership wants to see built in the opportunity zone in the airport area.
Gladney asked Cal Wray, president of the Augusta Economic Development Authority, and Shawn Edwards, executive director of the Augusta Land Bank Authority, to attend the meeting.
“I know the work that they’re doing, and reached out to them and said, ‘Hey, I need you to be a part of this conversation. Because we need growth. We need expertise on your level. I’m interested in having you come speak to my body,’” Gladney said.
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Wray told committee members his office would focus on bringing industrial, commercial and retail developments, based on what the airport commission wants to have in the opportunity zone that surrounds the airport.
“That’s the next step. We need to know from their master plan, what do they want? Where do they want it? And how does that tie in into an opportunity zone because a lot of these opportunity zones have types of projects to invest in. So, then we have to go after those particular funds and convince them that Augusta’s a place to invest money,” said Wray.
Edwards explained, after the businesses start establishing operations his office can use that to go to residential developers.
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“If retail services can be established, if commercial industry can be brought in, if industrial jobs can be brought in, you then create opportunities for residential developers. South Augusta is an underutilized resource in Richmond County that offers ample space for residential development. The problem is as you move further south, you’re further away from a grocery store. You’re further away from a restaurant, you’re further away from a bar or a lounge. Cal’s ability through the EDA to bring services allows residential developers to say that’s somewhere I can put a neighborhood,” he said.
In addition to Gladney, the six-member ad hoc committee includes Davis Beman, Larry Harris, Mason McKnight, Michael Cioffi and Randy Sasser. Also attending the meeting were Augusta Commissioners Francine Scott and Jordan Johnson.
Gladney said the information Wray and Edwards provided was helpful.
“It gives me exactly what I need. It’s been difficult for either the EDA or the Land Bank to consider us as a partner, in the absence of whatever our plan will be. Now we can go and formulate mission and objectives that are consistent with what we want to do here,” she said.
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The federal opportunity zones were designed to attract investment in areas where the poverty rate is higher than 20%. Investors can defer federal taxes by using capital gains from other investments to create opportunities in the designated area.
There are more than 8,700 federal opportunity zones in all 50 states, the District of Columbia and five U.S. territories.
Dana Lynn McIntyre is a general assignment reporter for The Augusta Press. Reach her at dana@theaugustapress.com
