Qualifying taxes include sales, income, earned income, business privilege and corporate net income. Those additional tax revenues generated by the CRIZ development would revert back to their respective state or local government source when the bonding obligations are satisfied.
Business owners on the Southside of Bethlehem are hopeful.
"It's kind of exciting, there's a lot of potential, a lot of great things that could happen," said Brian Tallarico of Tallarico's Chocolates on East Third Street. "Over the last five years the economy's really put a hurt on just about everybody and anything that's going to be potential development is going to be a great boost."
John Saraceno owns Saraceno Design and his wife owns Cleo's Silversmith Studio and Gallery, both also on East Third Street.
"Can't be a bad thing," said Saraceno. "It'll be a shot in the arm. It'll provide some energy to get over the hump and start moving forward again."
He added, "This may push this side of town in a better direction."