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The City of McKeesport has been approved for three federally designated opportunity zones designed to boost economic development.
The City received formal notification this week from Governor Tom Wolf, who nominated distressed census tracts throughout Pennsylvania for consideration by the U.S. Department of Treasury in response to a federal tax bill that passed in December 2017 to allow Qualified Opportunity Zones. McKeesport’s approved census tracts include portions of the City’s downtown business district, industrial park, and mixed-use parcels within the Eighth and Ninth wards.
“This is great news for the City in its ability to attract more business growth and economic development,” Community Development Director A.J. Tedesco said. “This type of incentive has the ability to gain the attention of larger corporations to create job opportunities here.”
Investments in the Qualified Opportunity Zones are eligible for deferral or elimination of federal taxes on capital gains. Tracts were selected based on economic data, recommendations from local partners, and the likelihood of private-sector investment in those tracts.
Mayor Michael Cherepko said he is grateful for the opportunity to use these zones as a new way to entice businesses to make McKeesport their home. He thanked Governor Wolf along with Community and Economic Development Secretary Dennis Davin and Senator James R. Brewster for sharing McKeesport’s vision for redevelopment.
“I want to thank our state and federal officials for working with us and recognizing the effort we make here in McKeesport to recruit new businesses and research economic development opportunities,” Cherepko said. “These zones will helpful as we continue to market our city for retail, commercial, and industrial development.”
More information regarding Pennsylvania’s Qualified Opportunity Zones is available online at dced.pa.gov.