Philadelphia City Council has enacted an amendment to Chapter 19-3200 of The Philadelphia Code, extending the benefits provided under the Keystone Opportunity Zone, Economic Development District, and Strategic Development Area. This amendment authorizes the continuation of tax exemptions, abatements, and credits for a range of properties across the city, including key locations such as 5800 Eastwick Avenue and several units at 3025 John F. Kennedy Blvd. These benefits are contingent upon approval by the Commonwealth Department of Community and Economic Development.
The extension of these benefits is crucial for encouraging ongoing economic development in designated areas of Philadelphia. By offering tax incentives, the city aims to attract and retain businesses, fostering job creation and revitalizing underutilized properties.