Purpose of the CRIZ Program -
Act 52 of 2013 created the City Revitalization and Improvement Zone (“CRIZ”) Program. The purpose of this program is stimulate economic development and job creation in Pennsylvania's smaller cities, such as Reading, Erie, and York, which over the years have struggled to remove blighted and vacant property and redevelop their communities after suffering losses in their manufacturing base.
Explanation of How This Program Works in Practice -
• A contracting authority, which is another type of municipal authority, is created by a Third Class City of at least 30,000 that has not had a receiver appointed under Act 47 of 1987 (Municipalities Financial Recovery Act); a city with a population of at least 30,000 designated as distressed under Act 47 that is not located in a home rule county; or a home rule county where a city with a population of at least 30,000 is designated as distressed under Act 47.
Please see full Bulletin below for more information.
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Topics: Corporate Taxes, CRIZ, Economic Development, Municipalities, Property Improvements, Tax Incentives
Published In: General Business Updates, Construction Updates, Tax Updates, Zoning, Planning & Land Use Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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