The Greensburg Community Development Corporation, the City of Greensburg, and our development partners offer developer incentive programs to recruit new businesses and redevelop properties within downtown Greensburg. To be eligible, projects must fall within the boundaries defined for the program and meet specific criteria.
Incentive Programs for Commercial Property Owners
LERTA stands for Local Economic Revitalization Tax Assistance. The LERTA Program allows local taxing authorities (The City of Greensburg, Greensburg Salem School District, and Westmoreland County) to provide real estate tax incentives for new businesses and for the expansion of existing businesses.
In addition, the LERTA Program:
- Provides an incentive to encourage investment
- Creates a Greensburg Revitalization Fund (G-Fund)
- Removes/Renovates tired commercial and residential properties
- Increases property values
- Increases lease rates
- Provides new storefronts for businesses to lease
The LERTA Program assists commercial property owners by exempting a portion of the difference between the old and new assessed values of the improvement to a property for a period of ten years. At the 11th year, the property is taxed at 100% of the new assessed value. Thus, Property owners will realize an exemption of 25% of taxes over the ten year life of the program.
The Rehabilitation Investment Tax Credit (RITC) is successful and cost-effective program for encouraging private investment in the rehabilitation of income producing, historic properties. Eligible properties include office buildings, rental housing, hotels, bed & breakfast inns, theaters, and retail stores. Since the inception of RITCs in 1976, Pennsylvania has been a national leader in certified tax credit projects, completing over 2,055 projects and generating over $3.3 billion in private reinvestment back into Pennsylvania communities.
RITCs were used as incentives for the renovation of the Palace Theatre, The Train Station and the Stark Building within Greensburg’s historic district. Greensburg’s downtown area was designated a historic district in 1995.
Certain expenses incurred in connection with rehabilitating an old building are eligible for a tax credit. RITCs are available to owners and certain long term leases of income-producing properties.
A 20% income tax credit is available for the rehabilitation of historic, income-producing buildings that are determined to be “certified historic structures.” Contact the GCDC for more information about the program: 724-689-0040or firstname.lastname@example.org.
This grant program provides financial assistance to eligible property owners/developers, with priority given to projects that result in significant community and economic development impacts. The G-Fund is designed to support a wide variety of commercial building enhancements and stabilization initiatives completed by private property owners.
Eligible improvements under this program must be investments that result in significant community and economic development impacts including, but not limited to:
- Private investment leverage;
- Property value increases;
- Tax generation;
- Job creation/retention;
- Historic preservation;
- Green building
The Greensburg Community Development Corporation secures funding for the G-Fund Grant Program through its current fiscal budget upon collection of payments from Local Economic Revitalization Tax Assistance program participants.
Incentive Programs for Commercial Property AND Business Owners
The Façade Improvement Grant Program provides financial assistance to commercial property owners and business owners completing storefront or building façade improvement projects. Matching grants are available to eligible projects from the GCDC for up to 50% of the cost of façade improvements, with a maximum grant award of $5,000. The property needs to be located within the Main Street District to be eligible for grant assistance. Contact the GCDC for details: 724-689-0040or email@example.com.
The goal of the City of Greensburg Keystone Innovation Zone (KIZ) is to foster innovation and create entrepreneurial opportunities within the boundaries of Greensburg’s KIZ. The KIZ links start-up or new businesses (8-years or less) with a combination of entrepreneurial resources, tax incentives, and educational and internship opportunities to ensure steady growth and expansion. KIZ assistance focuses on four key areas:
- Technology Innovation
- Advanced Materials & Diversified Manufacturing
- Life Sciences / Bio-Medical
- Information Technology
Businesses may also be eligible for other state or federal assistance programs. The GCDC can help you identify the program suitable for your project. Give us a call!