TimesLeader.com

Keystone Opportunity Zone extensions approved

The Commonwealth of Pennsylvania Department of Economic and Community Development Secretary George Cornelius has approved the extension of the Keystone Opportunity Zone designation for various sites within Lackawanna County.

Scranton Lackawanna Building Company was granted the extension, based on the success of the Jessup Small Business Center, Valley View Business Park and Scott Technology Park, where there are 23 developed sites with nine companies employing more than 1,350 and representing $106 million of investment. The potential that remaining sites in these parks and future sites of Valley View Business Park Phase II have for development was a major factor in the approval process.
 
Approvals were given by Jessup Borough, Archbald Borough, Scott Township, Valley View School District, Lakeland School District and Lackawanna County to extend the designation on any unoccupied KOZ sites.
 
“As the competition increases for economic development projects and job creation, the KOZ extension has pushed our area to the forefront as a leading contender for new projects,” said Austin Burke, SLIBCO executive vice president.
 
In July 2008, Legislation House Bill 2297 was passed, allowing the extension of KOZ; this action extends benefits to 2017 and 2020.