Blog post courtesy of Sen. Randy Vulakovich’s website:
JULY 14, 2016: The passage of a new revenue plan for the Fiscal Year 2016-2017 included a tax credit for Waterfront Development based on legislation introduced by Senator Randy Vulakovich (Senate Bill 282) to begin in Fiscal Year 2017-18.
“The Waterfront Development Tax Credit will be a tremendous help in the future development of waterfronts across the Commonwealth,” stated Senator Vulakovich. “All you need is water – which includes 64 of Pennsylvania’s 67 counties. The City of Pittsburgh has been revitalizing our waterfront where it has become the envy of other cities with riverfronts. Other communities throughout the state now will have added incentive for economic development in their communities as well.”
“I am pleased that the Waterfront Development Tax Credit was signed into law,” said Senator Tom Killion. “As a co-sponsor of a companion bill (House Bill 457) in the House, I want to congratulate Senator Vulakovich for his hard work in getting this issue over the finish line. This program will be a great economic development tool for the City of Chester and the entire region. I look forward to working with local leaders to take advantage of the program.”
“The Pittsburgh region is blessed with an abundance of waterfront areas with a great deal of potential as family, entertainment and business venues,” Senator Jay Costa added. “What we often lack are the proper economic development tools to entice partners who are willing to invest in significant redevelopment efforts along our waterways. This incentive is an important device that will help attract development and generate new business opportunities. I look forward to working with my colleagues to build upon this important investment in the future. ”
The Tax Credit encourages private investment in properties that create public access to the waterfront. The benefits to the public include job creation, increased property values, more recreation areas, and a chance to clean up blight or areas with ecological issues.
“We are very thankful to the bi-partisan leadership in the Senate and the House, and the members of the legislature, in creating a Waterfront Development Tax Credit,” said Jay Sukernek, Vice President and Chief Financial Officer of Riverlife Pittsburgh. “This very important legislation will benefit communities across the Commonwealth through creating jobs and promoting economic development.”
All projects which are eligible for this project must be approved by both the Department of Conservation and Natural Resources for environmental concerns as well as the Department of Community and Economic Development. “The holistic approach of pairing economic and environmental concerns is something I am very proud of,” added Senator Vulakovich.
Contact: Charlie O’Neill
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