MVA's new enterprise zone encompasses 14 towns
September 26, 2020
Mon Valley Alliance has been awarded a Regional Enterprise Zone designation for 14 towns – which pleases Ben Brown.
“(This) is a huge step forward for the participating communities, as we work together to strengthen and build our economic base,” MVA’s chief executive officer said in a news release Friday, announcing the formation of the Mid Mon Valley Regional Enterprise Zone.
“This designation provides numerous benefits to businesses investing in rehabilitating, expanding or improving buildings or land, and creating or retaining family-sustaining jobs,” Brown continued.
“Those benefits include priority consideration on state government contracts and programs, and access to the Enterprise Zone Tax Credit program. The tax credit program can award credits up to $500,000 on state tax liabilities, helping to bridge financing gaps on new investments and encouraging investment.”
The state Department of Community & Economic Development awarded the five-year designation to MVA through the Keystone Communities Program. Fourteen municipalities in three counties will participate. They are:
- Washington County: Allenport, Carroll Township, Charleroi, Donora, Dunlevy, Fallowfield Township, Speers, Monongahela and West Brownsville;
- Fayette County: Belle Vernon and Brownsville;
- Westmoreland County: Monessen, North Belle Vernon and West Newton.
The REZ designation took effect July 22 and will end July 31, 2025.
Brown said MVA recently helped six eligible projects with applying for tax credits totaling $2.4 million, “which, if approved, would result in over $21 million of investments in the zone” and create about 120 jobs. Three current projects are in Speers.
For more information, contact Jamie Colecchi, 724-565-5637 or email@example.com.