HARRISBURG, Jan. 21, 2015 – Working to spur economic development along Pennsylvania’s waterfront areas, Senators Randy Vulakovich (R-38) and Jay Costa (D-43) are reintroducing legislation intended to encourage private investment in job creation efforts, environmental improvements and public recreational enhancements.

Senate Bill 282, the Waterfront Development Tax Credit, would establish a $10 million Tax Credit to encourage the private sector to invest in waterfront development.  The Tax Credit would be available to individuals or businesses that contribute to non-profit waterfront improvement organizations.  The organizations and the projects would need approval by the Department of Community and Economic Development prior to participation in the tax credit program.

The measure was originally introduced the legislation during the 2013-14 Legislative Session.  It was considered and approved by the Senate Finance Committee, but didn’t receive a vote by the full Senate prior to the end of the session.

Senator Vulakovich cites Pittsburgh’s riverfront redevelopment efforts as an example of the benefit of investment in those projects.  “Since the inception of Riverlife in 1999, Pittsburgh has seen the investment of about $130 million directly in 10 riverfront projects and over $4 billion of additional adjacent investment in the form of corporate headquarters and office buildings, hotels, sports and entertainment complexes and residences,” said Sen. Vulakovich.  “That represents about $30 in resulting investments in projects adjacent to the rivers for every dollar invested directly in riverfront projects.”

Under Senate Bill 282, contributions would be used for specific waterfront development projects, such as: streets and public rights-of-way; waterfront parks, gardens and open spaces; access to public utilities, erosion control, storm water management and other environmental projects which promote economic development; water transportation facilities for use by the public, including water transit landings and boat docking; and amenities, including infrastructure and recreational projects.

“Pennsylvania’s waterfront areas offer dynamic opportunities for economic development and public recreation which would enhance communities and the quality of life of residents, while attracting visitors,” said Senator Costa.  “However, these areas often require significant investment to redevelop due to barriers including abandoned industrial uses and contamination.  Our bill provides a way for organizations and private investors to work together to restore those areas in ways that will provide long-term benefits to communities throughout the Commonwealth.”

Senate Bill 282 has been introduced and referred to the Senate Finance Committee for its consideration.

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Contacts:         Nate Silcox     (717) 787-6538
Stacy Witalec (717) 787-7683