WRIGHT TWP. — Construction of Pepsi’s 500,000-square-foot Gatorade distribution center began in November...The $37 million capital investment by Pepsi will add 93 new jobs to a workforce of 236 already employed at the company’s manufacturing plant in the park. State, county and local taxing authorities agreed to tax incentives to ensure the project.
Just how much Incentive did PepsiCo get. Under the terms of the Local Economic Revitalization Tax Assistance plan, the county would waive an estimated $52,741 in annual property taxes per year between 2010 and 2016....Pennsylvania’s Department of Community and Economic Development granted $1.25 million for the project, primarily in infrastructure costs for roads. Luzerne County donated a $100,000 grant to the project....The seven-year LERTA will reduce property taxes for Pepsi by about 50 percent and kicks in after the Keystone Opportunity Zone status expires in three years. KOZ sites have temporary state and local tax breaks. The combined tax breaks guarantee Pepsi reduced tax status for 10 years. Rapid Edward tells us that The Greater Wilkes-Barre Chamber of Commerce supported efforts to obtain a $1.25 million funding offer for the project from DCED that includes a grant of up to $1 million through the Infrastructure Development Program and a grant of up to $250,000 through the Opportunity Grant Program.
I just got my county/municipal property tax bill for 2007 and will pay the full amount. We've done many improvements to the property over the years keeping local contractors busy without any government loans or tax breaks. How did we do it? Remember this and all the other sweetheart deals when you get your new valuation if the reassessment is ever done.
Capitol Ideas suggests a payoff may be involved:
What the statement failed to mention is that Rendell will now have 36 cases of Diet Pepsi delivered to the governor's mansion each week until he leaves office.
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