Credit: LevittownNow.com
The Bucks County Commissioners voted to grant Local Economic Revitalization Tax Assistance (LERTA) to the developers of Bristol Borough’s Mill Run project.
With the unanimous vote Wednesday from the commissioners and previous approval from the Bristol Borough Council and Bristol Borough School Board, the tax abatement for the property will be active for the next 10 years. The former 77,000-square-foot medical facility on Wilson Avenue will be sold to Dallas Properties LLC and Healthcare Stat Homecare by the Bucks County Redevelopment Authority.
Advertisements
The tax rule indicates that the property owners must pay a local tax but that the tax will not change based on improvements to the property, according to ppta.net. The hope, in skirted taxes, is that property owners may take money saved from the local taxes, and further improve the property.
While many in the borough have supported the LERTA designation, some, like Councilman Tony Devine, have voiced concerns over whether the developers intend to follow through with their development plans.
The soon-to-be owners of the facility have said they hope to pour millions into redeveloping the building into a mixed use assisted care facility with other medical offices. More than 200 jobs could be created by the renovated Mill Run building.
Advertisements
The building is structurally sound but would need a complete overhaul inside, Bucks County Redevelopment Authority Executive Director Bob White told LevittownNow.com in 2014.
