Numbers are continuing to grow for the City of Erie’s LERTA program. In fact, some of which are the largest the city has seen in years.
Just over two months ago the current program was officially established. As a result, the city is reaching new milestones of accomplishment.
Applications for the current Local Economic Revitalization Tax Assistance Program (LERTA) are continuing to move into the city, providing up to ten years of tax breaks on new construction only.
One resident explained what changes he is making to his home due to the program.
“Our three grand kids will each have a room. They’ll have more play area too, so they can get away from their brothers and sisters if they want too. Things will be a little bit quieter in the house,” said Andrew Karl, Erie resident.
Mr. Karl is one of 33 applicants for residential properties. According to the city, in total, over $7 million in projected investment was established through the LERTA program, with over $4 million of that coming from residential projects.
One city director further explained just how significant these numbers are.
“To be able to sit back and say okay in two months there has been more activity generated than in the five years prior, to us is a validation that the program is doing what we thought it was going to do,” said Chris Groner, Director, City of Erie.
One local resident further explained if you choose to participate in the LERTA program to do a project like this, it can help benefit you as well.
If you have any questions about LERTA or want to apply, you’re encouraged to go to city hall.
Within the next two years, the city’s goal is to have $20 million dollars of projected investment established through the current LERTA program.