Santarsiero and Davis Bring Home $500,000 in State Tax Credits
HARRISBURG, November 3, 2022 – State Sen. Steve Santarsiero and Rep. Tina Davis, both D-Bucks, announced today that they secured $500,000 in Neighborhood Assistance Program tax credits to revitalize Croydon and Bristol through support for local business projects.
“I am very glad to have secured these state funds for our district as they will provide critical financial assistance to local businesses, which will in turn help keep Lower Bucks on the path towards revitalization,” Davis said. “These tax credits will be used to improve the functionality and aesthetics of a business property in Croydon and aid in the achievement of long-term plans for a company expansion in Bristol. This state funding will help to drive economic development in Lower Bucks, reaping benefits for local businesses, their employees and area residents. I want to thank Senator Santarsiero for working with me to secure this funding and Gov. Tom Wolf for allocating them.”
“These Neighborhood Assistance Program funds are a key investment to help businesses keep jobs in our community and continue to grow,” Santarsiero said. “The tax credits offered through this program help boost our local economy and incentivize businesses to be strong community partners.”
The tax credits will assist in the rehabilitation of these local projects:
- $250,000 to EDC Real Estate, LLC to purchase and improve the Croydon property that their operating company (B-Tec Solutions) has leased for many years. The company is making necessary improvements to the property, including repairs to the leaking roof and landscaping to beautify the property and clear the vacant lots across the street. All 88 B-Tec Solutions jobs (86 full-time, 2 part-time) will be retained within the Bucks Enterprise Zone through the project. All approximately 40 current Neshaminy Creek Brewing jobs will also be retained.
- $250,000 to Grundy Commons, LLC to purchase the Bristol building in which it currently operates to protect TESCO’s leasehold and to allow for future expansion and utilization of the building to best suit their long-term growth plans. It will help them purchase the building, replace a portion of the roof in addition to some other structural improvements, and make improvements to tenant spaces. This project will retain all of the TESCO jobs in Bristol plus remote jobs. To accommodate the operating company’s ongoing growth, it is estimated that 12 new jobs will be created in the next year.
The Neighborhood Assistance Program is a tax credit program administered by the Pennsylvania Department of Economic Development. NAP encourages private sector investment into projects that will help improve distressed communities by providing tax credits to businesses that donate capital to support projects that address neighborhood and community problems. NAP can be used for projects in categories including affordable housing, community services, crime prevention, education, job training, food access, blight, special population issues, veteran’s initiatives and long-term community revitalization.
The program has five main components: The Neighborhood Assistance Program (NAP), Special Program Priorities (SPP), the Neighborhood Partnership Program (NPP), Charitable Food Program (CFP), and the Enterprise Zone Program (EZP). A description of each of these components is available within the NAP fact sheet.