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Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 8804-C. Approval

Current as of January 01, 2022 | Updated by FindLaw Staff

(a) Submission.--A contracting authority may apply to the Department of Community and Economic Development for approval of a zone plan. The application must include all of the following:

(1) A plan to establish one or more facilities which will promote economic development.

(2) An economic development plan, including a plan for the repayment of all bonds.

(3) Specific information relating to the facility which will be constructed, including infrastructure and site preparation, reconstructed or renovated as part of the plan.

(4) Other information as required by the Department of Community and Economic Development, the office or the department.

(5) A designation of the specific geographic area, including parcel numbers and a map of the zone with parcel numbers, of which the zone will consist.

(b) Agencies.--The Department of Community and Economic Development, the office and the department must approve each application.

(b.1) Review.--The Department of Community and Economic Development, the department and the office shall consider the following when determining a designation:

(1) Economic impact of the zone.

(2) Number of jobs that will be created.

(3) Potential State and local tax revenue impact.

(4) Financial fitness and ability of the applicant to repay bonds.

(5) The proximity to previously approved zones.

(6) Any other relevant factor.

(c) Approval schedule.--The Department of Community and Economic Development shall develop a schedule for the approval of applications under this section as follows:

(1) Following the effective date of this paragraph, applications for two initial city revitalization and improvement zones and one pilot zone may be approved.

(2) Beginning in 2016, applications for two additional zones may be approved each calendar year.

(c.1) Agreement.--An area that covers contiguous cities or municipalities shall require an agreement among each participant to be included in the zone, evidenced by a resolution of each participant.

(d) Time.--The Department of Community and Economic Development shall establish and publish application deadlines in the Pennsylvania Bulletin and on its publicly accessible Internet website.

(e) Reapplication.--If an application is not approved under this section, the applicant may revise and resubmit the application and plan for approval.

(f) Limitation.--No more than one zone may exist in a city or municipality at any given time.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 8804-C. Approval - last updated January 01, 2022 | https://codes.findlaw.com/pa/title-72-ps-taxation-and-fiscal-affairs/pa-st-sect-72-8804-c/

Read this complete Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 8804-C. Approval on Westlaw

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