KOZ, Yeah It's Like That!

Allentown Seeks KOZ Approval For 2 Old Factories
Author: 69 News,

"Allentown officials hope to spur the economic redevelopment of two old landmark factories in the city by designating them part of a Keystone Opportunity Zone --KOZ.

They are the former Allentown Metal Works, which covers more than 17 acres just above Little Lehigh Creek at 606 S. 10th St. and Adelaide Mill at 333 Court St. Formerly the home of Phoenix Clothes, it is just off Hamilton Street and across N. Race Street from the city’s bus terminal.

KOZ properties that are redeveloped do not have to pay any local or state taxes for 10 years"Imagine if you will that you have no income. So you agree to work for free for 10 years just so you can say you have a job. Yeah it looks pretty good on your resume, but your bottom line just plain sucks.. doesn't it?

Now further imagine that you'd have to spend money over the next 10 years just for the privilege of having that job that isn't paying one thin dime to you.

Yeah for taxpayers it's kinda' like that!Under Allentown's KOZ if these building were occupied they would require city services such as inspections, fire, police etc.. The other would require in addition to those services the enrolling of many more students in the Allentown School District without having to pay for them.

Under one scenario (without KOZ) both properties sit empty generating zero revenue. Under the other scenario (with KOZ) both are occupied but still generate zero revenue in the hopes after 10 years we'd have something to show for it.

I didn't fall off the turnip truck yesterday
Ten years from now whoever occupies the 'Allentown Metal Works' will have exhausted their tax depreciations and advantages then move on the next city that's offering a sweet tax deal. The owners of the 'Adelaide Mill' apartments will flip the property for a quick buck to some dubious investment group (most likely from out of town) which most likely will shut the place down before they have to pay taxes in ten years. NO I'm not being negative. That's what shrewd investors do. History proves it time after time and again.

One town in Oklahoma placed huge posters in all the empty storefront windows so they would look occupied. This whole KOZ thing is like a fake western movie set on a Warner Brothers movie lot. What's the point of having occupied buildings if taxpayers never end up benefiting from them?



Think I'm FOS?
OK.. Here's my challenge. Show me one example in Allentown where KOZ has ended after 10 years and is paying off. I Didn't Think So!