Categories
News

Council discusses Local Economic Revitalization Tax Assistance for Tyrone Borough

Tyrone borough council members discussed Altoona-Blair County Development Corporation’s request to pass Local Economic Revitalization Tax Assistance for the Northern I-99 Enterprise Zone.
If LERTA was approved for the area, it would offer tax breaks for businesses who would want to improve their buildings if they fell into the LERTA zone.
ABCD Corporation is requesting that the entire Northern Enterprise Zone be named a LERTA District, and a map of the area was provided to council members for their review.
LERTA forgives property taxes over a five year period, with the first year being 100 percent forgiveness; the second year, 80 percent; the third year, 60 percent; the fourth year, 40 percent; and the fifth year, 20 percent forgiveness.
Any city, county, borough, township or school district having the authority to collect property taxes can participate in this program. LERTA was established by the Legislature in December 1977 to allow local taxing authorities to exempt improvements to business property if such property is located in a deteriorated area.
Usually, if a business adds to its property value, the property taxes go up. What LERTA does is offers an incentive for businesses to improve their properties in a depressed area without the added cost of the taxes in the beginning.
Council members are in the process of reviewing the map of the LERTA zone and will discuss it further at the next meeting.
In other business,
• Love Street will not be vacated by the borough until it is worked out between Westvaco, Dominion Peoples, and Mr. and Mrs. Donald Parks;
• rejection of bids for the building of the hockey rink at Reservoir Park because the specifications sent to the contractors were incorrect. New specifications will be sent out;
• council approved the use of Logan Ave. by members of Joshua House for their annual three-on-three basketball tournament scheduled for July 19, contingent upon Joshua House providing an event insurance policy for the day;
• council approved the use of City Hotel Park for a Community Hymn sing on June 8, from 2 p.m. to 4 p.m.;
• Mayor Pat Stoner thanked everyone who helped make this year’s Memorial Day Parade a success;
• accepted resignation of zoning hearing board alternate, Jay Young;
• waterline replacement project on the access road to the Water Treatment Plant may come under budget, so it was discussed that the remaining money could possibly be used for other projects, like paving the access road;
• a representative from PENNDOT and the Agility Program recommended putting a base from General Jones Drive to Hoovers Lane and Hillside to cut down on the dirt and dust on the road, and then the borough can put pavement on it next year.