Raleigh Innovation & Technology Zone F.A.Q

Several questions about the Raleigh Innovation & Technology Zone (RITZ) have been raised. Below are several frequently asked questions.

What is the Raleigh Innovation & Technology Zone (RITZ)?

The RITZ is an Economic Development Zone that includes all of Downtown Raleigh, Hillsborough Street Corridor, NCSU Centennial Campus, and depressed areas of Capital Blvd. The RITZ is not an attempt to rebrand downtown Raleigh, it is designed to be an engine for new job growth.

Will the RITZ Take Jobs From RTP?

RTP has fueled prosperity in our region for over 50 years, and will continue to be a major employment center. The RITZ is designed to support start-ups and small companies that have traditionally not located in RTP due to cost and lack of suitable space. The value-add of the RITZ is location in the urban core of our city, and generous tax credits that are already in place.

Where are these tax credits coming from? Can the city afford it?

Tax credits to fund this program have been in place for years. These tax credits impact corporate income taxes collected by the state. City property taxes would not be impacted by this program. Beyond this, participating companies must maintain a wage standard and pay 50% of employee health insurance premiums.

If these tax credits have been around so long, why haven't jobs already been created?

Tax credits alone do not create jobs. Coordinated efforts involving city leaders, business leaders, and local citizens are required to develop jobs in the RITZ. These coordinated efforts are what made RTP successful, and will make this new project successful.

Where will the city have to invest to make this work?

Raleigh's primary fiduciary to the long term success of this project is transportation infrastructure. With the potential of 75,000 employees working in downtown Raleigh by 2030 the city must implement an effective public transportation plan today. The current hands off approach to public transportation is simply unacceptable. If something isn't done soon, our poor public transportation system will cripple our regional economy.