ALLENTOWN, Pa. – The Allentown Neighborhood Improvement Zone Development Authority will return to the state just over $20.2 million in excess tax revenue funds.
During its Wednesday night meeting, ANIZDA approved its annual return of the surplus funds it received last year from the Pennsylvania Department of Revenue. The funds are provided as part of the Neighborhood Improvement Zone Development program designed to stimulate commercial, residential, and economic growth and development within a 128-acre portion of downtown Allentown.
The board agreed to return to the state a little more than $20.2 million of the $78 million it received last year — $43 million for developer project services and $35 million for the bonds used to finance the PPL Center.
The transfer of the ANIZDA funds is done through a trustee who transfers the monies to the commonwealth.
In other business, the board approved the 2021 refinancing of the original bonds purchased in 2012 to finance the PPL arena. The move will result in savings of $1.1 million, in an effort to lower the interest rate on the debt service of those bonds.