City redevelopment projects receive $792K
Sheetz, four local banks provide funding through Neighborhood Assistance Program
Trending
A pair of city redevelopment projects has received a total of $792,500 from four local banks and Sheetz through the state Department of Community and Economic Development's Neighborhood Assistance Program.
The proposed development of several 1½-story, single-family, market rate cottages on the 200 block of Beech Avenue will receive $292,500 from M&T Bank, S&T Bank, Reliance Bank, First National Bank and Sheetz for site preparation and infrastructure improvements, according to a news release from Altoona Blair County Development Corp., which is working with the city's Redevelopment Authority on revitalization efforts.
The proposed renovation of the former Kress building on 11th Avenue by KB Revitalization LLC into first-floor commercial space and five market rate loft apartments upstairs received $500,000 from the banks and convenience store chain through the Enterprise Zone component of the NAP.
The main component of the NAP awards participating businesses with tax credits worth 90% of their monetary contributions, according to Steve McKnight, CEO of ABCD.
The Enterprise Zone component awards a tax credit of 25% of the amount invested, according to a DCED web page.
The Redevelopment Authority hopes the site preparation and infrastructure work on Beech Avenue will incentivize a private developer to take on the remainder of the project.
The NAP provides tax credits to businesses that help nonprofit organizations revitalize communities, according to the news release.
The two Altoona projects are among 185 in the state that received awards, according to the news release.
Businesses can sell the tax credits or use them to reduce their state tax obligations, McKnight said.
DCED's Southwest Region Director Johnna Pro has been a helpful advocate and guide for ABCD and the city's use of the NAP program, McKnight said.
The banks and Sheetz contributed varying amounts to the cause, McKnight said.