ALLENTOWN, Pa. - The body that oversees Allentown's Neighborhood Improvement Zone (NIZ), ANIZDA, has distributed the NIZ's revenue from its first year.
The money will, among other things, cover this year's arena bond payment.
This year's arena bond debt service will be $10,372,512. The NIZ revenue will also fund approximately $5 million to protect arena bondholders. This is a required surplus.
It will also fund debt payments for other qualified developer projects within the NIZ.
Additional tax revenue amounts will be returned to Harrisburg, the City of Allentown, and Allentown School District. That money will come from businesses within the NIZ. Exact amounts will be determined over the next six months during a mandatory reconciliation required under the NIZ Act.
"ANIZDA expects that the tax revenues generated from the NIZ will be greater in 2013 as the greater portion of construction of the arena occurs, and existing businesses grow from the benefits of the new downtown activity. These greater tax revenues should result in more money being returned to the Commonwealth, the City and the School District, as well as spawning capital improvements in the NIZ," said ANIZDA Chairman Seymour Traub.
Officials also expect more businesses to join the NIZ in the coming years.
"ANIZDA continues to hear from more and more private developers and businesses that are interested in investing in the NIZ," Hailstone said. "The revitalization of downtown Allentown continues to gain momentum," acting executive director of ANIZDA Sara Hailstone said.
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