[HISTORY: Adopted by the Borough Council of the Borough of Lehighton 6-28-1999 by Ord. No. 491. Amendments noted where applicable.]
Pursuant to the Pennsylvania Keystone Opportunity Zone Act, Act No. 1998-92, 73 P.S. § 820.101 et seq., the provisions of which are incorporated herein by reference (the "Act"), the borough applied to the Pennsylvania Department of Community and Economic Development ("DCED") for designation of an area within the borough as a Keystone Opportunity Zone, which application was approved by DCED on January 1, 1999. The borough recognizes the need to encourage investment in areas within defined geographic and political boundaries of certain properties within the borough (the "Keystone Opportunity Zone") that are experiencing economic distress characterized by high unemployment, low investment of new capital, blighted conditions and underutilized, obsolete or abandoned industrial, commercial and residential structures, specifically properties designated as Carbon County Tax Parcel No. 70A10-30-S25 and No. 69A-30-A77. Enactment of such exemption will result in improving both the economic, physical and social conditions within the Keystone Opportunity Zone by creating new employment and diminishing blight. It is expected that increased private and public sector investment will reverse the disinvestment and conditions of blight within the Keystone Opportunity Zone within the 12 years of the exemption hereinafter provided.
The boundaries of the real property currently designated as Carbon County Tax Parcel No. 70A10-30-S25 and No. 69A-30-A77 are hereby established as the boundaries of the Keystone Opportunity Zone. The Keystone Opportunity Zone is established pursuant to the Act and is subject to the terms and conditions of the Act, including without limitation qualification and recapture provisions, and is entitled to all benefits contained and referred to therein. Unless the context clearly requires otherwise, all terms used herein that are defined in the Act shall have the respective meanings herein specified for them in the Act.
Subject to the terms and conditions of the Act, the borough hereby exempts from real property taxation all real property located within the boundaries of the Keystone Opportunity Zone in accordance with the Act for a period of 12 years, commencing January 1, 1999, such exemption to consist of 100% of the real property taxation on the assessed valuation of real property located within the Keystone Opportunity Zone.
Subject to the terms and conditions of the Act, the borough hereby exempts for a period of 12 years, commencing January 1, 1999:
Taxation on business gross receipts for operations conducted by a qualified business located within the Keystone Opportunity Zone;
Taxation on earned income received by a resident of the Keystone Opportunity Zone attributable to business activity conducted within the Keystone Opportunity Zone; and/or
Taxation on net profits of a qualified business received by a resident or nonresident of the Keystone Opportunity Zone attributable to business activity conducted within the Keystone Opportunity Zone.