What are the economic implications of Topgolf and Dave & Buster’s coming to Village at Riverwatch? According to projections from Augusta Economic Development Authority reported by Damon Cline, these two projects are expected to add $15 million to the local tax base, and add 200 jobs and generate $1M in sales tax revenue. Hats off to the Economic Development Authority, who was able to help attract these developments without tax incentives, and the only expense is a $250K commitment to construct the public road that will give these sites access.
What do you think will be the impact of these new developments? Comment below:
Opportunity Zones are a new tax investment vehicle similar to a 1031 Exchange that allows tax deferment on acquisition of real estate and also on investments in businesses. This opens the door for small startups to raise funds for their ventures. Remember that all of Downtown Augusta, Downtown Aiken, and many other city centers in the CSRA are designated as O zones.
See the Forbes Article below for details on how Opportunity Alabama is doing this, as well as an article in Medium by Alex Flachsbart–Founder & CEO of Opportunity Alabama. Also see Enterprise’s overview of OZone program.