The City of Erie is still waiting on two taxing authorities to approve a proposed tax plan.
The economic director within the City of Erie further explained that without the past LERTA, a higher tax base wouldn’t have been created and if that were the case homeowners would have a higher mileage rate.
“The data shows clearly that the tax base is not growing,” said Chris Groner from the Department of Economic Growth and Development. “It was actually in a slight decline and the last one hundred percent LERTA helped to stop the decline. It showed a small amount of growth and now it wasn’t enough. It actually stopped the trend.”
Erie School Superintendent Brian Polito also spoke out about his this LERTA could bring them more benefits than years past.
“Currently, on major projects we are only receiving ten percent of the revenue, with this proposed LERTA we will be receiving 80 percent,” Polito said. “So, this will help us in the short term as we start to work through our financial plan. In the long term, if the development occurs like predicted, it should help keep real estate taxes down.”
The school board has scheduled a special meeting to discuss LERTA on Monday at noon.