Law360, New York (September 12, 2013, 5:31 PM EDT) -- On July 9, 2013, Pennsylvania passed the City Revitalization and Improvement Zones Act to provide innovative financing for redevelopment projects in cities of the third class in the commonwealth, such as Altoona, Bethlehem, Chester, Erie, Lancaster, Reading, Wilkes-Barre and York.
The CRIZ Act allows certain state and local tax revenues to be pledged to fund commercial real estate development projects, similar to tax increment financing (TIF) but more powerful because it makes available a broader array of taxes. The CRIZ Act was modeled after recent Pennsylvania legislation that facilitated substantial redevelopment in downtown Allentown, Pa.
The CRIZ Act provides significant potential...
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