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Council OKs RDA tax-recapture MOU and amends ARPA subrecipient agreement to allow upfront property purchases
Summary
The council approved an intergovernmental MOU letting the RDA/land bank retain up to 50% of certain real-estate tax revenue for up to five years to offset redevelopment losses and also amended an ARPA subrecipient agreement to permit upfront property purchases rather than reimbursement-only payments.
Williamsport City Council voted Jan. 8 to approve an intergovernmental cooperation agreement (MOU) between the city, the Redevelopment Authority (RDA) / land bank and the Williamsport Area School District that allows the RDA/land bank to recapture up to 50% of certain real-estate taxes from county, city and school-district shares for a period of up to five years. Mayor Slaughter and an RDA representative said the recapture mechanism is intended to help…
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