A Montgomery County redevelopment project is getting a tax boost. A Tax Increment Financing Plan was unanimously approved by county commissioners to support the River Pointe Development Plan in Bridgeport, writes Gregory Purcell for 69 News.
This plan will use the difference between the already existing real estate tax revenue of the property and the tax revenue following a renovation to remit the newly generated taxes in order to fund the project. The maximum cap is $8,500,000 for no more than 20 years.
The riverfront development will include 356 townhomes, 262 apartments, and 7,000 square feet of retail space. Vertical development is set to be completed by June of 2026. Six of the units are considered “affordable units,” and preference will be given to families displaced by Hurricane Ida.
Read more about the redevelopment project on 69 News.
Bridgeport, Pennsylvania.
