Local business and property owners, developers and community partners gathered to learn how Reading\u2019s new City Revitalization Improvement Zone, or CRIZ, could help drive redevelopment and investment in the city.<\/p>\n
The CRIZ Authority board hosted a CRIZ Launch & Learn event at the John R. Post Center at Alvernia University Reading CollegeTowne.<\/p>\n
Mayor Eddie Moran said the event was intended to ensure the business community clearly understands how the program can be used to support redevelopment and economic growth.<\/p>\n
\u201cToday is an important step for the city of Reading as we continue building on the progress happening across our community,\u201d the mayor said. \u201cThe designation alone doesn\u2019t create change. Understanding how to leverage it does. This event is about making sure our business community and development partners know how to use this powerful tool effectively.\u201d<\/p>\n
Under the program, certain state taxes generated within the zone can be redirected to help finance eligible development projects. Officials say the tool can support the redevelopment of vacant or underused properties, encourage business expansion, promote housing growth and attract new private investment.<\/p>\n
Moran thanked members of the CRIZ Authority board for their oversight and long-term planning in implementing the program. He\u00a0 acknowledged Alvernia for hosting the event and partnering with the city on downtown revitalization initiatives.<\/p>\n
The event included breakout sessions designed for different stakeholder groups, with city leaders and industry experts providing guidance on project eligibility, incentives and financing structures.<\/p>\n
\u201cWe are already seeing momentum across Reading with new housing, institutional investment, and small business growth,\u201d Moran said. \u201cCRIZ is another tool that helps us accelerate that momentum in a thoughtful and intentional way, with growth that benefits our residents, supports local entrepreneurs, strengthens our tax base, and improves quality of life across our city.\u201d<\/p>\n
City officials said the CRIZ board will continue working with developers and property owners as potential projects within the zone move forward.<\/p>\n