Close to half of the $31.8 million in mostly state tax dollars swept up by Allentown‘s arena zone last year will go to the private developer erecting an 11-story office building across Seventh Street from the arena.
City Center Investment Corp. will get $14.4 million of the tax dollars generated by its projects to put toward its construction and land acquisition loans. The Allentown Neighborhood Improvement Zone Development Authority will get $17.4 million to pay its debt for building PPL Center.
About $2 million would go into state coffers from a part of the city that is estimated to have been generating $22 million in state money before the Neighborhood Improvement Zone was created.
The figures were released Wednesday by ANIZDA Executive Director Sara Hailstone, a month after The Morning Call filed a Right-to-Know request for the information, which was compiled April 6 by authority consultants Compass Point and Concannon Miller.
Read more: http://www.mcall.com/news/breaking/mc-allentown-arena-zone-tax-dollars-20130529,0,4840494.story