County Approves Economic Development Incentive
Potter County Commissioners Nancy Grupp, Barry Hayman and Paul Heimel put the stamp of approval on a measure designed to create jobs and support economic development during their year-end meeting on Wednesday. A new ordinance creates tax incentives for construction or expansion of commercial properties. They could qualify for a temporary reduction of county real estate taxes. Under the county’s ordinance, qualifying property owners would receive a 100-percent tax abatement in year one, 80 percent in year two, 60 percent in year three, 40 percent in year four, and 20 percent in year five.
A 1977 state law, the Local Economic Revitalization Tax Assistance (LERTA) Act, authorizes the tax incentive program to support business expansion and job retention/creation. The ordinance applies only to the county portion of real estate taxes. However, school districts, boroughs and townships could also implement a LERTA.
During a public hearing, Potter County Education Council Business and Education Liaison Bob Wicker expressed support for offering the tax incentives, citing the negative impact of the county’s steady population loss and economic recession on school districts and communities countywide. Potter County Community Development Director Ellen Russell said she believed the LERTA tax incentives would complement her office’s efforts to support businesses in the county. The commissioners also received a letter of support from the North Central Penn Board of Realtors.
To obtain a copy of the ordinance, call 814-274-8290, ext. 207.