Gov. Tom Corbett on Monday signed into law the bill that will give Reading and other Pennsylvania cities a chance to create so-called City Revitalization and Improvement Zones to attract new businesses.
The 130-acre zones will be funded with public bonds issued by a local municipal authority running the zone. The bonds will be repaid by local and state tax revenue raised within the zone.
The law resulted in large part from the work of state Sen. Judy Schwank, a Ruscombmanor Township Democrat, who noted that the original bill sponsored by Sen. Lloyd Smucker, a Lancaster Republican, would have frozen out Reading.