Altoona-Blair County Development Corp. was recently notified that its application to Pennsylvania's Department of Community and Economic Development was accepted, creating a new Enterprise Zone for Blair County.
The area designated as the Altoona/Logan Township Keystone Communities Enterprise Zone is comprised of the City of Altoona and Logan Township. ABCD Corp. is the administering agency for the zone with its designation beginning immediately and to end in five years on July 21, 2018.
As a designated Keystone Communities Enterprise Zone, the businesses located within the boundaries of the designation are eligible to apply to DCED for Enterprise Zone Tax Credits, Enterprise Zone Loans and will receive lower interest rates on a number of other state loan programs. The communities participating in the designation will also receive funding priority when applying for other state programs, according to a press release on the ABCD Corp. website.
The new regulations from DCED for the Enterprise Zone program dictated that any adjoining municipalities applying for designation must include defined zoning.
With this award, all of the locations within the City of Altoona and Logan Township that are zoned for business and industrial use will be eligible to apply for the available funds and tax credits.
"This program requires no investment from the municipalities and is a true win-win for the communities," said Patrick Miller, executive vice president of ABCD Corp. in a statement. "We are grateful to the City of Altoona and Logan Township for their continued support of our economic development efforts to bring investment and jobs to Blair County."
ABCD Corp. has successfully utilized existing zones for economic development attraction and expansion of local companies throughout Blair County for the past 20 years.
Since 1986 when enterprise zones were introduced, ABCD has worked on over 100 projects eligible for assistance as part of regional enterprise zones stretching through multiple municipalities in Blair County.