(September 2, 2022/Altoona – Blair County) The Altoona Blair County Development (ABCD) Corporation in partnership with the PA Department of Community and Economic Development’s (DCED) has announced both expansions and new designations of Pennsylvania’s Enterprise Zones (EZ) in Blair County. “The Wolf Administration is pleased that ABCD Corporation has again been designated as a Keystone Enterprise Zone community. The region has taken steps to grow in recent years, and the area certainly has a bright future ahead of it. We look forward to seeing the revitalization that will take place with ABCD at the helm,” said Neil Weaver, Secretary of DCED.
“This is major news and a big investment incentive for all of our Blair County First Frontier mountain-main street communities,” said Stephen McKnight – ABCD President and CEO. “By extending our existing EZs in Altoona and Logan Township and adding new zones in Hollidaysburg, Roaring Spring, Tyrone, and Williamsburg, we have established one of the largest concentrations of EZ zones in the state,” McKnight added. “We greatly appreciate DCED’s approval of this expansion and thank our entire State delegation for their continued legislative support in programs like EZs.”
The EZ Program provides both tax credits and low interest loans to private companies investing in rehabilitating, expanding, or improving buildings or land located within designated enterprise zones resulting in jobs created or retained.
“The EZ program is one of the most effective and high impact investment incentive programs,” said Tom Seasoltz, ABCD’s CFO and Enterprise Zone Coordinator. “In many cases the EZ program has helped to speed up the timeline for new projects and entice developers to take on projects that might not have otherwise occurred,” Seasoltz added.
EZ Tax credits are offered for 25 percent of amount invested up to $500,000 total tax credits per project and can be sold or transferred upon completion of the project.
“I am so pleased to hear about the recent expanded EZ designation secured by ABCD. This designation will provide increased funding incentives and tax credit opportunities to the area to help our businesses and communities grow and succeed. I’m excited to see the future growth as a result of this continued designation,” said State Senator Judy Ward.
Altoona Mayor Matt Pacifico responded saying “We are thrilled that DCED has approved the creation of a multi-municipal Enterprise Zone. This will allow these crucial tax credits, and other programs, to continue to be available to people wanting to invest in the City of Altoona.”
In the last 10 years, ABCD has managed 25 EZ Tax Credit applications totaling $7,643,787 and 52 EZ loan approvals totaling $15,049,000. Together those investments resulted in more than $70 million in economic impact.
“Any opportunity that these communities have to continue growth through economic development is important,” said State Representative Jim Gregory. “This program I support because it’s been proven to work and locally, we have professionals at ABCD Corp that know how to make it work.”
For more information and maps locating Blair County Enterprise Zone Communities – Click Here
