Erie Asking for Opportunity Zone Designations
The Schember Administration is hoping a new federal program will stimulate economic development in the City of Erie.
The Schember Administration is hoping a new federal program will stimulate economic development in the City of Erie. Erie is targeting certain areas, to get special attention.
Congress established the Opportunity Zone Program when it passed the Tax Cuts and Jobs Act of 2017. The program provides tax incentives for private investments. The tax incentives can only be given for projects inside Opportunity Zones.
Governor Wolf must name 299 parcels of land statewide that would be eligible. Erie is asking for eight parcels of land to be approved, including the former GAF site, the former International Paper site, the Savocchio Business Park, and areas in the downtown core.
"If you're given the designation, now you have to make it work. You can't just let it sit there. You can't let it be another empty zone that has no activity. Now, you have to go out there. You have to sell this, said Chris Groner, Erie Economic Development Director.
The governor has until March 22 to name Pennsylvania's Opportunity Zones.