"The Future of Atlanta Business & Community": January Dinner Meeting Summary

by Mike Ososki, PMP, Public Relations Committee

Be encouraged. Can we “make Atlanta the most economically dynamic and competitive city in the world?” This is the goal for Dr. Eloisa Klementich, Managing Director Business Development of Invest Atlanta. Eloisa’s energetic presentation at PMI Atlanta’s January Dinner may well make a believer out of you, too, that the objective is achievable.

Invest Atlanta is Atlanta’s Development Authority, a government-owned corporation originally created in 1976 as AEDC. Its mission is to strengthen Atlanta’s economy, enhance global competitiveness, and attract and sustain community investment. Its goal of a dynamic, growing economy is a deeply complex mix to balance between investment, housing, infrastructure, transportation, education, technology, and innovation in a 7-year average business life cycle of the bigger picture peak/trough recurrent economic cycles of recession and recovery. No one said it would be easy.

What drives an economically dynamic and competitive city? The major apparent ingredients for a healthy recipe are to create and retain jobs, increase investment and quality of life, and broaden the tax base.

Out of 19,354 US Cities (the number of “competitors” in 2013), Atlanta is the 10th largest regional economy, and ranks #3 for number of consulates, after New York and Los Angeles. With our $325 billion GDP—the largest economy in the Southeast—we are indeed well-positioned for internationally-powered growth.

Atlanta’s top 6 key sectors best poised to grow:
     • Digital Arts / New Media Production 
        - Movie and Audio production with growing Post-Production
        - Software
        - Programming
        - Broadcasting
     • Life Sciences
        - Medical Devices
        - Biotech (Labs, Pharma, etc.)
     • Applied Computational Processing and Engineering 
        - IT and Engineering Services
        - Scientific R&D
        - Advanced Manufacturing
        - Financial and Healthcare Technologies
     • Corporate HQ, Management Consulting and Professional Services
     • Advanced Logistics 
        - Freight Air Transport
        - Distribution
        - Logistics Consulting
     • Conventions and Tourism 
        - Hospitality 
        - Attractions

How do we attract business? Invest Atlanta’s programs to assist businesses include site selection assistance, economic opportunity funding, bonds, workforce training, tax incentives, and loans. There were 49 project wins in 2015, generating $765M in Capital Investment, facilitating 7,400+ direct new jobs, 161 retained jobs, and 6,200+ indirect/induced jobs with companies like NCR, Sage, Kaiser Permanente, Norfolk Southern, and MailChimp.

The community-centric redevelopment program provides Tax Allocation Districts (TAD) and New Market Tax Credits (NMTC). Grant funding helps power catalytic real estate projects, the Atlanta Better Building Challenge, and the Community Improvement Fund.

The Housing Finance Department has a $1.4B portfolio, with homeownership programs such as Home Atlanta 4.0, AAHOP, and HOAP.

Developer programs include tax-exempt bonds, housing opportunities, the Beltline Trust Fund, and the Vine City Trust Fund, applicable to acquisition, rehab or new construction. The Beltline Affordable Housing Trust Fund provided grant funding for the Ponce City Market and a variety of city apartments and lofts. $80M was invested in Vine City and other locales for neighborhood revitalization. Catalytic projects are being incentivized.

Invest Atlanta’s 2015 summary results:

Whew—there is a lot going on around here, and PMI Atlanta is grateful to Eloisa and Invest Atlanta for this update to share the local good news!