Pursuant to the Pennsylvania Keystone Opportunity Zone Act,
Act No. 1998-92, 73 P.S. § 820.101 et seq., the provisions
of which are incorporated herein by reference (the "Act"), the borough
applied to the Pennsylvania Department of Community and Economic Development
("DCED") for designation of an area within the borough as a Keystone
Opportunity Zone, which application was approved by DCED on January
1, 1999. The borough recognizes the need to encourage investment in
areas within defined geographic and political boundaries of certain
properties within the borough (the "Keystone Opportunity Zone") that
are experiencing economic distress characterized by high unemployment,
low investment of new capital, blighted conditions and underutilized,
obsolete or abandoned industrial, commercial and residential structures,
specifically properties designated as Carbon County Tax Parcel No.
70A10-30-S25 and No. 69A-30-A77. Enactment of such exemption will
result in improving both the economic, physical and social conditions
within the Keystone Opportunity Zone by creating new employment and
diminishing blight. It is expected that increased private and public
sector investment will reverse the disinvestment and conditions of
blight within the Keystone Opportunity Zone within the 12 years of
the exemption hereinafter provided.
The boundaries of the real property currently designated as
Carbon County Tax Parcel No. 70A10-30-S25 and No. 69A-30-A77 are hereby
established as the boundaries of the Keystone Opportunity Zone. The
Keystone Opportunity Zone is established pursuant to the Act and is
subject to the terms and conditions of the Act, including without
limitation qualification and recapture provisions, and is entitled
to all benefits contained and referred to therein. Unless the context
clearly requires otherwise, all terms used herein that are defined
in the Act shall have the respective meanings herein specified for
them in the Act.