A Pennsylvania City Revitalization and Improvement Zone in Bethlehem would create at least $300 million of new development in the city, officials said today.
Bethlehem’s application for the new state program will consist almost exclusively of private development, including a proposed convention center at the former Bethlehem Steel Corp. site, officials said.
The emphasis on private development should give Bethlehem a distinct advantage over the eight other cities expected to apply for the special economic development tax incentive, the officials said at an announcement this afternoon in Town Hall.
Only two applicants will be granted the incentive in the next couple of months, and many of them will likely have major public projects, which make them riskier and less fruitful for the state, said state Sen. Lisa Boscola, D-Northampton/Lehigh/Monroe.
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