KOZ Program in Reading Gets Boost

Friday, December 11, 2009

Reading, PA - State Senator Michael A. O'Pake announced that the PA Department of Community and Economic Development (DCED) has issued final approval to designate several tracts of industrial land in the City of Reading as Keystone Opportunity Zones.  As part of the approval, the Department also authorized the extension of eligibility for certain undeveloped KOZ tracts from 2013 to 2020.

"I am pleased that I was able to convince the Department to authorize this change in areas designated as KOZs in the City of Reading," said Senator O'Pake.  "Had the Department not approved my request, the City may have lost a significant chunk of its KOZ approved area."

"KOZs have been critical in attracting several major businesses to the city in recent years," continued Senator O'Pake.  "Switching the designation from a tract adjacent to Fritz Island, which will likely be used as part of the City's Sewage Treatment Plant upgrade, to areas such as the Dana Yards North and the Buttonwood Gateway area, among others, will help local government and economic development officials convince even more businesses to move to the City."

"The extension of time of the KOZ eligibility will make these tracts even more attractive to businesses," added Senator O'Pake.  "With the City's Act 47 designation, any incentive that can be offered to new business is especially important."

Keystone Opportunity Zones provide certain tax abatements and other incentives for businesses to locate in blighted areas.

"I would also like to thank Albert Boscov for providing his leadership in working with the Greater Berks Development Fund, as well as city, county, and school district officials in my effort to secure this approval from DCED," concluded Senator O'Pake.