Council approves special source revenue credit for Project Block; company pledges $21M investment and 30 jobs
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Summary
Council voted unanimously on second reading to authorize a 25% special source revenue credit agreement for an entity identified as Project Block; staff said the company will invest approximately $21 million, purchase a 30,000-square-foot building and site, and commit to hiring 30 employees within five years.
Lancaster County Council approved second reading of an agreement to provide a special source revenue credit (SSRC) to an entity identified by staff as Project Block, which staff said will invest in an existing site in a multi-county industrial park.
Economic development staff member presenting the item described Project Block as a European company that purchased an existing 30,000-square-foot building and roughly 20 acres in District 1 in a site zoned HI (Heavy Industrial). According to staff, the company plans about $21 million in total investment with most of that going to new equipment, and a five-year hiring commitment to employ 30 people.
Staff outlined the SSRC structure: council would provide a special source revenue credit equal to 25% for each of five years; staff estimated the county—s cost of that SSRC would be about $319,000 over five years while projecting that the county would collect roughly $3 million in property tax revenue over 20 years despite the short-term credit.
Why it matters: The agreement would provide a near-term revenue credit to incentivize capital investment and local job creation while preserving long-term property tax streams.
Council action: With no questions for staff, council approved second reading by unanimous vote. Economic development staff recommended the measure and asked for council—s affirmative vote on second reading.
Ending: Staff will proceed with the SSRC agreement process as provided in the ordinance; details of any final execution were not changed at the meeting.
