$950,000 in Tax Credits Awarded to Three Blair County Development Projects
(December 14, 2020 – Altoona, PA): The Altoona Blair County Development (ABCD) Corporation shared the news that the Commonwealth of Pennsylvania has awarded three major business and building expansion projects in Blair County with more than $950,000 in State Enterprise Zone (EZP) and Special Priority (SPP) Program tax credits. The EZP program provides state tax credits to businesses or industries investing in or making physical improvements to properties located within designated enterprise zones. The SPP program supports specific priorities of community economic development: disaster or economic recovery, integrating weatherization and housing rehab, mortgage foreclosure prevention, blight elimination, diversity issues, rural issues, and affordable housing.
ABCD Corporation provided technical assistance and support for the following projects:
The Saint Francis University Blair Commons project received $258,750 in tax credits through the SPP program for a targeted revitalization effort to: 1) deliver innovative science and technology education to underserved populations; 2) offer free clinical rehabilitative services to low-income cancer patients in a controlled setting; and 3) promote highly sought-after Science, Technology, Engineering and Mathematics (STEM) and health science related careers. The funding will be used to build out educational outreach and healthcare clinical space in the Curry Building (the former Vipond Building) located on 11th Avenue in Altoona. The project is part of a total $3.39 million renovation of this building. Here you’ll find the official statement and greatest information on managing properties.
Kranbros, LLC received $214,170 in Enterprise Zone Tax Credit Program. The project included the demolition and site prep of a blighted vacant building, the former Wick Copy Center and construction of a new 2,329 square foot building adjacent to the current building property at 505-515 East Plank Road. This project eliminated the blighted property and provides a much better sound barrier from the main road to the residential neighborhood behind the property. The development is now home to Jersey Shore State Bank which is new to the area creating approximately 10 full time jobs.
Dazzling Realty, LLC was awarded $500,000 through the Enterprise Zone Tax Credit program. The project will involve the redevelopment of a vacant tract of ground in the Juniata section of the City of Altoona for the purpose of creating a mixed use residential commercial development. This is part of an overall $2.2 million investment that will create new market rate apartments (9) on the second floor and commercial space on the first. The majority of commercial space will be used by Mama Randazzo’s to grow their catering business. A micro-brewery will also locate into the first-floor space. Two smaller store fronts will also be created to accommodate small specialty retail or professional offices. Eleven (11) new jobs will be created/retained as a result of this investment.
“We deeply appreciate both the significant investments being made by our private sector partners and the support and guidance we consistently receive from our regional state economic development partners led by Regional Director Johnna Pro and her team,” said Stephen McKnight, ABCD Corporation President and CEO. “Without each doing what they do and doing it so well, these projects would not be possible.”