BETHLEHEM, Pa. — A state program dedicated to helping poor and economically disadvantaged people and improving distressed areas has awarded three Bethlehem businesses almost $400,000.
U.S. Cold Storage, National Magnetics Group and Roberts Oxygen Company Inc. got the money from Enterprise Zone Tax Credits through the Neighborhood Assistance Program.
Enterprise Zone Tax Credits is among five parts of the Neighborhood Assistance Program, specifically dedicated to businesses investing in rehabilitating buildings or land in specially designated zones. Bethlehem qualifies as one of those areas.
“The Enterprise Zone program has assisted in attracting significant private sector investment into projects in the City of Bethlehem.”Bethlehem Mayor J. William Reynolds in a news release
Over the past nine years, 21 awards have been given to Bethlehem businesses through the Enterprise Zone Tax Credits.
The tax credit for any given project can total up to 25% of the amount invested by a business. EZTC funding has totaled $5.5 million in Bethlehem over the past nine years, pointing to investments of at least $22 million in that time.
“The Enterprise Zone program has assisted in attracting significant private sector investment into projects in the City of Bethlehem,” Mayor J. William Reynolds said in a news release.
“We are excited to work closely with Governor Shapiro and the Pennsylvania Department of Community & Economic Development to maintain an attractive investment climate for businesses interested in locating and expanding. These projects are key to providing career opportunities for our residents.”
'Meaningful and helpful'
U.S. Cold Storage LLC is investing $80 million to expand its current facility by 7.8 million cubic feet. The 180-employee company hopes to add 30 more people in the new space.
“USCS has been a business partner in the City of Bethlehem since 2004, and appreciate their continued support and collaboration. The EZ tax credits are both meaningful and helpful as we continue to invest in the community and its people.”General Manager Mitch Harper in a news release
“USCS has been a business partner in the City of Bethlehem since 2004, and appreciate their continued support and collaboration” General Manager Mitch Harper said in a news release.
“The EZ tax credits are both meaningful and helpful as we continue to invest in the community and its people.”
National Magnetics Group Inc. plans to invest more than $700,000 to add five people to its 15-person staff and expand production capabilities for a new product line.
“We are pleased that the governor has recognized the benefit of helping small business[es] stay competitive in this challenging economic environment,” Chief Executive Officer Paul Oberbeck said.
“Our expansion will allow us to grow our business, hire more employees and meet the needs of our customers. These tax credits will help defray the cost of our investment.”
Roberts Oxygen Company Inc. is investing $1.6 million to improve its current 7,600-square-foot structure.
“This important business assistance program provided by the Enterprise Zone Tax credits will enable us to add to our capabilities to service our customers that include medical, beverage, industrial, commercial, manufacturing, institutional, and construction customers in the Bethlehem area,” said Dave Garner, Philadelphia Regional Manager of Roberts Oxygen Company.
