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Invest Atlanta highlights tax-allocation district wins, launches Local Legacy small-business program
Summary
Invest Atlanta reported $2.6 million in TAD increment financing leveraged into roughly $431 million in city investment for 2024 and outlined new small-business support—including an April 1 launch of the Atlanta Local Legacy program and grants for storefront improvements and marketing.
Invest Atlanta President and CEO Dr. Eloisa Clementich told the City of Atlanta Finance Executive Committee on April 7 that the agency’s tax-allocation district (TAD) work produced $2,600,000 in increment financing in 2024, leveraging about $431,000,000 in private and public investment for projects across the city.
Clementich said Invest Atlanta now oversees 10 TADs — two resolved and eight active — and reviewed 2024 project highlights including a planned conversion of 3500 MLK from a Family Dollar to a community food center, a Westside housing project at 471 English Avenue with five units (four rented, one owner-occupied), and a proposed small-business incubator and 30-room hotel at 410 Marketing on a brownfield site.
The presentation also described a $750,000 grant awarded to the Westside Future Fund to redevelop the Yellow Store site into ground-floor commercial space with four residential units above. Clementich said Invest Atlanta recorded more housing activity in 2024 than in prior years and emphasized projects intended to include affordable units.
Clementich outlined three small-business programs Invest Atlanta will roll out this year. The Atlanta Local Legacy program will launch April 1 and will create a registry, marketing, an empowerment grant, a small-business improvement grant and technical assistance. She said roughly 450 businesses currently qualify for Local Legacy. Businesses outside TADs will be eligible for $5,000 grants for marketing or professional services; businesses inside TADs can apply for small-business improvement grants of up to $50,000 for façade or interior improvements.
Committee members asked for implementation details. Councilmember Bakhtiari pressed for the percentage of businesses that reach a 30-year milestone; Clementich estimated roughly 2% of businesses survive to that mark based on rough back-of-envelope figures. Councilmember Warren asked about the Atlantic Station TAD dissolution; Invest Atlanta staff said jurisdictions began receiving returned increments in FY25 and will receive the full increment in FY26.
Committee members also asked about a grocery store initiative in Sweet Auburn. Clementich said the Goodr grocery store project is expected to open around July (end of Q2/start of Q3, subject to construction timelines). She and other councilmembers discussed complementary safety, lighting and policing planning to support new stores in food deserts.
Clementich closed by saying Invest Atlanta will continue small-business town halls to collect data from business owners and will provide follow-up materials to committee members who requested details about specific programs and funds.
The presentation drew follow-up requests from councilmembers for a balance sheet showing allocated versus unallocated TAD funds, and for a backlog of senior-related assistance items referenced during the meeting.
