There are many good financial reasons to consider starting a business in Downtown Hazleton.
KEYSTONE MAIN STREET COMMUNITY BENEFITS
In February 2016, the Pennsylvania Department of Community and Economic Development (DCED) awarded the City of Hazleton with Keystone Community “Main Street” designation, a five-year designation that will be in effect through February 2021. The Downtown Hazleton Alliance for Progress is the organization responsible for administering and implementing the revitalization program. This designation comes with several economic benefits. Among these include priority consideration under several DCED programs, including the Keystone Communities grants and loan programs that look to focus public and private investment in historic commercial centers.
NEIGHBORHOOD ASSISTANCE PROGRAM
The designation also makes our organization eligible for participation in the Neighborhood Assistance Program (NAP). This competitive program offers substantial tax credits to private businesses who will partner with us on projects that address program priorities (such as blight remediation, crime prevention, and community economic development programs). The tax credit can range anywhere from 55-80% with a one to six year program commitment.
In addition, development projects within the designated downtown district are now eligible to apply for Enterprise Zone tax credits. This program allows private companies who rehabilitate, expand, and/or improve buildings or land to meet community economic development goals eligible for a 25% tax credit, up to $500,000.
KEYSTONE OPPORTUNITY ZONE
Two downtown office buildings have are designated Keystone Opportunity Zones (KOZ) through 2024. These include the former Hazleton National Bank (101 W. Broad St.), and the former Trader’s Bank building (2 E. Broad St.). Both properties are owned and operated by DHD Realty. For more information about these buildings or leasing opportunities, contact George Leitner at 570-233-0701. Both buildings also fall within the Keystone Innovation Zone (KIZ) that includes most of the central business district.
KEYSTONE INNOVATION ZONE
KIZs are designed to foster innovation and create entrepreneurial opportunities. TecBridge currently coordinates the Hazleton area KIZ program. To qualify for these transferrable tax credits, companies must be less than eight years old and fall within one of five targeted industry sectors: Healthcare/Life Science; Nanotechnology, Advanced Manufacturing & Plastics; Information Technology/New Media; Back Office/Finance; and Homeland Security. A company may claim a tax credit equal to 50% of the increase in that company’s gross revenue from year one to year two.
Starting a Business in Downtown Hazleton?
If you are interested in starting a new business in Downtown Hazleton (or relocating an existing business), we suggest starting with these recommended guidelines.
Additional questions about specific properties or programs should be directed to Krista Schneider at 570-455-1509 x 109 or firstname.lastname@example.org.