Franklin County Commissioners passed a resolution extending the Keystone Opportunity Zone (KOZ) at Letterkenny Industrial Park.
The state driven economic development initiative began in 1995 and provides 10-year term tax incentives for businesses moving to Pennsylvania. Kip Feldman, Executive Director of Letterkenny Industrial Development Authority (LIDA), recently presented information to the Commissioners.
“It has been a successful program that produces jobs and additional tax revenue,” said Commissioner Chairman Dave Keller. “Without the incentives offered through it, we would not see the redevelopment occurring here,” he said.
According to Feldman, KOZ is the “best incentive in the state.” Thanks to the program, Franklin County is home to international businesses from countries like Germany, Ireland, and Brazil. The businesses not only bring good paying jobs to the area, but Feldman said they positively impact the local economy. An example is through the purchase of supplies and services needed for operations.
The Board of Commissioners agreed that the program is fulfilling its mission to repurpose blighted industrial properties for the best interest of the County.
Supervisors from Greene and Letterkenny townships have also approved the extension.
For more information on Keystone Opportunity Zones, please visit: https://dced.pa.gov/business-assistance/keystone-opportunity-zones/.