PARADISE TWP., Pa. - On Wednesday night, the Pocono Mountain school board voted to participate in a public hearing with the township regarding a Local Economic Revitalization Tax Abatement (LERTA) ordinance.
At its last meeting in January, the board heard a request from the Pocono Mountain Economic Development Corp. and Pocono Township that the Pocono Mountain School District agree to participate in a public hearing on the LERTA ordinance, followed by the adoption of a resolution to participate.
Michelle Bisbing of Pocono Mountain Economic Development Corp. attended the Wednesday night meeting with Jerrod Belvin, Pocono Township manager, to provide an update on the program and to answer any questions regarding the request to the Pocono Mountain School District.
LERTA is a tax abatement program established to allow local taxing authorities to grant exemptions on improvements made to properties in designated areas. Under LERTA, property owners receive a graduated tax exemption on improvements over a set period, typically resulting in reduced short-term tax revenue but potentially increasing long-term revenue through economic growth.
According to the presentation shared by the Pocono Mountain Economic Development Corp., LERTA encourages businesses to develop and make improvements in designated areas, and it enables townships to compete for new investment with other regions.
Pocono Township is proposing a five-year LERTA in the township's Commercial zones and a 10-year LERTA in its Recreational District.
SOURCE: https://www.wfmz.com/news/area/poconos-coal/monroe-county/pocono-mountain-school-board-to-consider-lerta-tax-breaks-in-pocono-twp/article_2190e212-eef1-11ef-a348-930665bf65d0.html
