The Bucks County Commissioners have approved a program designed to bring new businesses into Morrisville Borough. Abbreviated to LERTA, this is the first time county government has implemented the plan for Morrisville.
Formally called the Local Economic Revitalization Tax Assistance program, LERTA grants eligible property owners a temporary tax exemption. It is reserved for new construction or improvement projects resulting in added value.
The exemption timeline is seven years, but the 100 percent tax exemption is limited to the first two years. Every year thereafter, the percentage decreases by 20 percent.
Morrsville Borough Council and the Morrisville Borough School District unanimously approved similar resolutions. Council President Debbie Smith expressed her gratitude to the other bodies.
“On behalf of the Morrisville Borough Council, I’d like to thank the Morrisville School board and the Bucks County Commissioners for voting to approve the resolution for the borough’s LERTA Program. This is an exciting step the council has taken with the help of the Bucks County Redevelopment Authority to move forward with revitalization efforts for our borough. Morrisville is a great riverfront town with a lot of potential!”
Redevelopment Authority Executive Director Jeff Darwak announced the approval last week after the Commissioner’s meeting on July 25. The BCRDA made recommendations to Council for the district’s boundaries, which were used in the final proposal.