Urban Progress Zones

DID YOU KNOW? Charlotte has an Urban Progress Zone (UPZ) and the North Tryon area is part of that geography. Not familar with UPZs? Here is a brief explanation:

 

The state ranks every county in NC as either a tier 1, 2 or 3 county: Tier 1 being the most economically distressed and Tier 3 being the least – Mecklenburg is a Tier 3. 

The state will give tax credits to any business that locates within an urban progress zone based on the number of jobs present at that business.  The amount of the tax credit is determined by the tier level – level 3 is $750.  This is basically used as a marketing tool by the City’s Economic Development Office to attract businesses to these more distressed areas – come here and you can get money back based on how many employees you have.  The amount used in each UPZ is also determined by the census tract and is capped at a certain amount.