Real Estate Journal — Pennsylvania — February 8 - 21, 2019 — 11C
M id A tlantic
P ennsylvania SEDA-COG Central PA KOZ designations announced
he state recently an- nounced 19 properties in central Pennsylva- nia that were designated as a Keystone Opportunity Zone (KOZ), and one property re- ceived a KOZ extension. Following are the number of properties per area in SE- DA-Council of Governments’ (SEDA-COG) region eligible for KOZ benefits from Jan. 1, 2019 to Dec. 31, 2028: • Milton: 10 properties • Watsontown: Seven prop- erties • Mifflintown: One property • Philipsburg: One property The property owned by Susquehanna Industrial De- velopment Corporation (SID- CO) in Selinsgrove known as Pawling Station was approved for a 10-year KOZ extension starting Jan. 1, 2019 and end- ing Dec. 31, 2028. The KOZ program elimi- nates specific state and local taxes within designated un- derdeveloped and underuti- lized areas, which can spur economic growth and invest- ment, according to the state Department of Community and Economic Development’s (DCED) website. Betsy Lockwood, KOZ coor- dinator for 10 of SEDA-COG’s central Pennsylvania coun- ties, said this announcement makes the region even more competitive. “This is great news for the region. This allows our re- gion to compete for business with other areas around the state and even other states by providing this tax incentive,” Lockwood said Lockwood works with prop- erty owners, businesses, local taxing bodies, and DCED to help implement the program in the region. As of Dec. 31, 2017, the KOZ applicants created 7,278 jobs and invested $2.6 billion in private capital into the KOZ properties around the Com- monwealth. Due to the tre- mendous success of the KOZ initiative, state legislation had opened additional opportuni- ties for local communities to designate additional subzones. DCED provides the organi- zational framework, including the certification and opera- tions of KOZs. Local jurisdic- tions designate coordinators as a single point of contact for zone facilitation. SEDA-COG is a regional multi-county development T
residents. SEDA-COG seeks to enhance growth opportunities in an environmentally sensi- tive manner while retaining the region’s predominantly agency, which, under the guid- ance of a public policy board, provides leadership, expertise and services to communities, businesses, institutions and Go With A
rural character. The organi- zation is both a direct service provider and a link to other resources that can be applied to a wide range of community
and economic needs. SEDA- COG also is an advocate for the interests of its communi- ties at the state and federal levels. www.seda-cog.org
$3 BILLION FUNDED Billions more built & fixed! We provide capital & expertise for a wide range of asset classes in the Northeastern region of the US, with a concentration in the New York metropolitan area.
Development Management Investment Banking Restructuring
Marketing Dispute Resolution Construction
Bridge Mezzanine Construction FINANCIAL PRODUCTS:
Equity Receivable Permanent
Creating Value With Capital & Expertise Since 1995. CA L L 20 1 - 87 1 - 1 1 77 T ODAY !
570 Sylvan Ave Englewood Cliffs, NJ 07632 | www.procida.com
Made with FlippingBook - Online Brochure Maker