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FOR IMMEDIATE RELEASE |
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State
Rep. Cherelle Parker |
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House passes Parker proposal to expand business development opportunities
HARRISBURG, May 7 – Legislation introduced by state Rep. Cherelle Parker, D-Phila., that would have a significant impact on business and economic development across Pennsylvania, moved one step closer to becoming law as members of the state House passed the proposal and sent it to the state Senate for consideration.
The measure (H.B. 2297), which is part of Gov. Ed Rendell's economic stimulus package, would extend and expand the life of the Keystone Opportunity Zone program, the state's tax abatement law that has been highly successful in creating and retaining tens of thousands of jobs and generating nearly $7 billion in economic development opportunities over the last decade.
Parker said her bill would specifically target the expansion of the program to accelerate the reuse of abandoned land and former industrial sites, and to extend the abatement period for existing KOZ lands for another seven years.
"Since its inception in 1998, the KOZ program has spurred billions of dollars in economic development revenue and has dramatically increased job growth, all the while preserving current jobs and maintaining employment in communities across Pennsylvania," Parker said. "Through my proposal, we can expand this program and continue to invest in retooling old and abandoned industrial sites and preparing them for quality business development. It's a win-win proposal because it is good for our communities and great for our economy."
Parker's measure received unanimous support from the House Commerce Committee earlier this year and is endorsed by the state's top economic development official, Department of Community and Economic Development Secretary Dennis Yablonsky.
Yablonsky and other DCED officials have said that 11 substantial economic development projects statewide are waiting to see if the KOZ program is extended, which would bring in an additional $ 1 billion in capital investment and rebuild many unused and deteriorating sites in Pennsylvania.
"The original KOZ program has produced positive results for so many communities all across the state, and we should make the program more accessible to more communities so that we can continue to improve our economic development opportunities," Parker said. "The time to act is now, and I am pleased that the state House has moved forward with this proposal."
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