Representatives of the Tyrone Area School Board, Snyder Township Supervisors, Tyrone Borough Council and Blair County Commissioners, recently voted to approve a LERTA zone for the Tyrone Industrial Park in Blair County, PA.
The Commonwealth’s LERTA program allows local taxing authorities to temporarily exempt businesses’ improvement projects from property taxes for up to 10 years. For the properties located in the Tyrone Industrial park, the breaks will only last for five years. Businesses in the LERTA will continue paying their current real estate taxes, the abatement or benefits will only pertain to new projects.
Under the abatement, the businesses will pay zero property taxes on improvements the first year, increasing incrementally until, by the sixth year, they’re paying taxes for all of the improvements.
The park is currently home to Chicago Rivet, Gardners Candies, Albemarle and Dixon Tool & Die. There is available land for these companies to expand and initiate new projects to benefit from the new zone. In fact expansion plans have been announced for both Garnders Candies and Albemarle who will benefit from the recent
approvals.
The park is also planned to be the new home of JMD Company who plans to acquire vacant parcels in the park. JMD is an industry leader in mine and construction properties and actively involved in the Marcellus and Utica gas plays.
“We are grateful to the elected officials for their assistance and dedication to growth and economic development programs for the county,” said Marty Marasco, President and CEO of ABCD Corp. “This LERTA will benefit our valuable existing companies with their expansion, investment and job creation efforts here in the I-99 Corridor Region.”
