Hughes, Williams Praise Passage of KOZ Bill

            HARRISBURG – July 3 - Two Philadelphia state Senators tonight praised passage of a bill that will bring more than 1,000 high-paying jobs to Philadelphia.

State Sens. Vincent Hughes and Anthony Williams spoke out in support of an updated Keystone Opportunity Zone authorization that paves the way for a major financial services firm to become an economic force in the emerging area between Center City and University City.

“This project will bring the equivalent of a small city of extremely well-paid professionals to this rebuilding area,” Hughes said. “This is the type of quick response that we need to see from the legislature to aggressively compete for elite projects.”

BlackRock Inc., a major financial firm, is poised to bring as many as 1,100 jobs to the emerging area between University City and Center City, paying average salaries of more than $100,000.  But KOZ tax breaks for the area are set to expire in 2018.   SB 1412 will extend those tax breaks until 2025.

“This is not the kind of project we see very often,” Williams said. “For once, we’re stealing jobs. This time, Pennsylvania is a big winner in the high stakes game of business development.”

The project will help create a bridge between the developed areas of Center City and University City, as well as bring an anchor tenant to a proposed office building to adjoin the Cira Centre.

“This is an historic step in creating continuous successful development from Center City toward the West,” Hughes said.

“While this project will be a major piece in the future success of the city, it will, in Philadelphia tradition, be a neighborhood unto itself,” Williams said. “It’s not every day that you get to create a neighborhood – and an affluent one at that.”