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Board authorizes review of proposed 10-year LERTA tax-abatement agreement
Summary
The board authorized entry into a proposed Local Economic Revitalization Tax Assistance (LERTA) contract with Langen Development Economics for a Foster Langen Township project that would start with a 95% tax abatement in year one, subject to solicitor review.
The Minersville Area School District board on March 27 authorized a proposed Local Economic Revitalization Tax Assistance (LERTA) contract with Langen Development Economics, LLC for a Foster Langen Township project. The proposal specifies a ten-year abatement schedule beginning with a 95 percent tax abatement in year one and declining by 5 percentage points each year thereafter. The motion was approved unanimously, subject to the district solicitor's review.
Albert D. Marazas moved the measure and said the board should authorize contract entry pending solicitor review. Nicholas A. Quinn, the district solicitor, was noted as the reviewer. The minutes record the abatement schedule but do not include project pro forma, property addresses, or estimated tax-revenue impacts to the district.
