As a tax lawyer who previously worked for the Erie Downtown Development Corp. , Matt Wachter understands the power of Federal Opportunity Zones.
The program allows people who invest in federally designated low-income areas to defer payment of capital gains tax.
In Erie, investments in Opportunity Zones, millions of which came from Erie Insurance, allowed the EDDC to invest more than $100 million in downtown Erie, building a food hall, public market, parking garage, climbing gym and more than 100 apartments.
A new tool could boost redevelopment
Now, Wachter says, another tax tool could have an even more sweeping effect on the Erie landscape.
If approved, the new tool in Erie’s toolbox would be a City Revitalization & Improvement Zone program or a CRIZ. Public comment will be taken at 2 p.m. Wednesday at Bagnoni Council Chambers at 626 State.
Authorized in 2013, applications were suspended under Gov. Tom Wolf and reauthorized in July by the Pennsylvania General Assembly and Gov. Josh Shapiro.