Erie Insurance announces establishment of 50 million dollars for Opportunity Zone Fund

Local News

Hundreds of people are gathering together to learn about why they should invest in Erie, but one of Erie’s own is taking it a step further.

Erie Insurance CEO Tim Necastro announced the establishment of 50 million dollars to the Opportunity Zone Investment Fund.

The fund is designated to help financially support different projects within a portfolio. One of those projects is the Erie Downtown Development Corporation’s plan for North Park Row.

Erie Insurance is investing 2.6 million dollars into the project to create a Culinary Arts District, Foot hall, Market, and Apartments.

Necastro said money in the Opportunity Fund is considered an investment, not a donation.

There are a variety of financial incentives for Erie Insurance and others that make investments into Opportunity Zones.

We will hear more from the CEO about this investment tonight on Jet 24.

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