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Pennsylvania Increases Business Attraction in Northeast PA by Creating a New Keystone Opportunity Expansion Zone (KOEZ)

KOEZ Program Can Eliminate State and Local Taxes for Qualified Businesses

WAYNE COUNTY, Pa., Jan. 2, 2014 /PRNewswire-iReach/ -- The Pennsylvania Department of Community and Economic Development has approved Sterling Business & Technology Park, located on Interstate 84 in Sterling Township, Wayne County, as a new Keystone Opportunity Expansion Zone (KOEZ). The KOEZ designation will enable qualifying businesses locating within the 252-acre business park to receive tax abatements on most State and local taxes through December 2023.

(Photo: http://photos.prnewswire.com/prnh/20140102/MN39704)

"Governor Corbett has made it a top priority to bring new jobs and investment to Pennsylvania's communities and the Keystone Opportunity Zone program has a proven track record of success," said DCED Secretary C. Alan Walker. "The program has spurred the creation of nearly 40,000 jobs since program inception and as zones expire, new tax revenues are generated for the state and local governments. I have no doubt this designation will pave the way for new growth and jobs at the Sterling Business & Technology Park."

Wayne Economic Development Corporation (WEDCO), owner of the business park, has worked diligently on infrastructure and upfront permitting to ensure a quick development process for prospects and acknowledges that the KOEZ designation is a game-changer. "As a developer, it is important to have excellent incentives to attract prospects, who in turn create jobs for our communities", stated WEDCO president Mary Ellen Bentler. "It is also important that we understand the prospect's viewpoint and the business environment they need to support their capital investment. The KOEZ makes locating in the Sterling Business & Technology Park a smart business decision."

The Sterling Business & Technology Park, the largest business park on Interstate 84 in Northeastern Pennsylvania, is 90 minutes from New York City and 20 minutes from downtown Scranton. From its inception, the business park has been designed and constructed to fit its pristine Pocono Mountain setting and to take advantage of local assets to attract new business. The business park utilizes sustainable environmental principles with the recycling of wastewater through ultra-filtration, conservation design, and plans to incorporate alternative energy technologies.

The business park has conditional use approvals and storm water permits for each of its 23 lots allowing projects to be approved quickly and construction to begin with less lead time. Each lot has an approved building footprint ranging in sizes from 10,000 to 270,000 square feet. Lots may be combined to offer larger building footprints. Multi story buildings are also an option. All 23 lots are KOEZ eligible.

The business park has three-phase power from redundant substations, central sewer and water, interior roads, and multiple telecommunication providers. Companies considering a Northeastern US location will find that Sterling Business & Technology Park offers comparatively lower start-up and operating costs and the benefits of a high quality of life for its employees.

For more information visit http://www.sterlingbusinesspark.com or contact WEDCO at 646-236-3400 or 570-253-2537.

Media Contact: Mary Beth Wood, Wayne Economic Development Corporation, 570-253-2537, mbw@wedcorp.org

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SOURCE Sterling Business & Technology Park

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