Investors will have the chance to defer capital gains taxes for a decade if they build or renovate in the new opportunity zone in the city.
The state Department of Community and Economic Development announced earlier this year that communities could submit potential opportunity zones to Gov. Tom Wolf. The areas submitted were required to meet certain low-income benchmarks.
Joe Saeler, director of the county Community Development Corporation, explained that he, in collaboration with county commissioners and economic development department and Butler City Council, submitted eight to 10 potential opportunity zones throughout the county to the governor one year ago.
The zone that was accepted stretches from Washington Street east to the area of Butler Memorial Hospital, and roughly from East Brady Street south to the Connoquenessing Creek.
Saeler said while a November 13 meeting between all involved parties will produce more detail, investors can renovate buildings, buy and demolish buildings for new construction, renovate existing buildings or use other methods to improve the opportunity zone either commercially or residentially.
“The project could be almost anything,” Saeler said.
This is an excerpt of a larger article — subscribe online or in print to read the full article and find out what the city hopes will be built in the space.