Snyder Township supervisors held a special meeting last evening to approve the Local Economic Revitalization Tax Assistance Act which establishes tax exemptions for real property located within deteriorated areas of the township designated by the supervisors.
Contingent upon LERTA being passed, Kunzler’s submitted its plans for the $1.4 million land development project adjacent to the current Snyder Township facility.
Supervisors granted Kunzler’s conditional approval after township engineer Bill Gohn reviews the land development plans.
At the August 4 meeting, Gohn had some initial concerns about storm water management issues with Kunzler’s development plans.
Unless otherwise extended by the township, the LERTA ordinance that was passed last evening will last until December 31, 2004.
The Altoona-Blair County Development Corporation submitted a suggested boundary description for the Northern I-99 Enterprise Zone that runs through Snyder Township. The township supervisors had the authority to change the boundaries to fit the needs of the area but decided to keep the suggested boundaries as put forth by ABCD.
The purpose of the tax incentives through LERTA is for the rehabilitation and development of qualified business property to benefit the township.
For the first year, one hundred percent of eligible taxes will be exempted; the second year eighty percent will be exempted; the third year sixty percent will be exempted; the fourth year forty percent will be exempted; the fifth year twenty percent will be exempted. After the fifth year, the exemption will terminate.
Snyder Township joins Bellwood Borough, Tyrone Borough, Blair County Commissioners, Tyrone School District and Bellwood School District for the governing bodies who have passed LERTA.
Antis Township has not passed LERTA.
