Pennsylvania Governor Tom Wolf has nominated several Erie areas for a new federal program designed to stimulate economic development.

Friday was the deadline to name 299 parcels of land statewide that would be eligible for federal Opportunity Zone status. In addition, sections of Warren, Oil City and Franklin made the governor's final list.

The eight parcels of land in Erie include:

  • International Paper site
  • SB3
  • Savocchio Park, a reclaimed brownfield site where the local Eastside Grassroots Coalition is interested in developing job opportunities for our immigrant and refugee population
  • Area adjacent to the GE facilities in Lawrence Park Township

In a news release, the City of Erie said the designations would complement its existing efforts:

Six tracts are located within the Downtown Core of the City and encompass the priority areas from the City’s recently completed Comprehensive Plan, Erie Refocused. These areas include the following proposed projects and possibilities for redevelopment:

  • There is major redevelopment potential for the Bayfront, including GAF, Harbor Place Development (Scott Properties), and future development of the Port Authority.
  • Areas identified as a key redevelopment area for the newly created Erie Downtown Development Corporation, which has amassed to date $21.5 million in funding, but anticipates up to $40 million for transformational, downtown-related projects and critical market-rate housing.
  • The Innovation District is an area where “Investment partners intend to execute joint projects related to safety and security, specifically in the high-demand fields of data science and cybersecurity, where their combined skills will create a powerful business alliance. The innovation district will also provide opportunities for networking with companies and institutions involved in other disciplines and serve as a catalyst for economic growth.”
  • UPMC and Erie Insurance are investing over $300 million dollars to expand their services and create additional jobs within the downtown core.
  • Other developers are looking at opportunities to expand market-rate housing within the identified districts.
  • Total potential investment exceeds $600 million within the 6 tracts that are within the downtown core.

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.

Federal approval of the designations is expected in mid-May.