Senator Randy Vulakovich (R-Allegheny) and Representative Tom Killion (R-Delaware) hosted a press conference Tuesday (June 2) in the State Capitol to promote their legislation (Senate Bill 282 and House Bill 457) that would establish a Waterfront Development Tax Credit as a way to encourage private investment and spur economic development, environmental improvements and public recreational enhancements.Senator Randy Vulakovich and Representative Tom Killion co-hosted a press conference Tuesday to promote their legislation that would establish a Waterfront Development Tax Credit
The proposed Waterfront Development Tax Credit would be capped at $10 million annually and would be available to individuals or businesses that contribute to non-profit waterfront improvement organizations. The tax credits would support 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;
- amenities including infrastructure and recreational projects.
“Our waterways are truly valuable resources and they hold tremendous untapped benefits for the Commonwealth. Pennsylvania’s waterfront areas offer opportunities for economic development and public recreation which contribute to the livelihood of the community, as well as to the quality of life of residents and visitors,” said Senator Vulakovich. “These bills provide a way for organizations and private investors to work together to restore those areas in ways that will benefit the entire community.”
“I believe that the Waterfront Development Tax Credit will provide the opportunity for Pennsylvania to set a nationwide standard of how to capitalize on the potential of waterfront sites to attract investment into the state to generate long-term value through public-private partnerships,” said Representative Killion.
The legislators were joined at the press conference by Riverlife of Pittsburgh and other supporters of their efforts to enact legislation establishing a Waterfront Development Tax Credit.
Since the inception of Riverlife in 1999, Pittsburgh has seen the investment of about $130 million directly in 10 riverfront projects and more than $4 billion of additional adjacent investment in the form of corporate headquarters and office buildings, hotels, sports and entertainment complexes and residences.
Contact: Nate Silcox (717) 787-6538