HomeBristol TimesTax credits for Croydon, Bristol projects

Tax credits for Croydon, Bristol projects

Santarsiero and Davis secured $500,000 in Neighborhood Assistance Program tax credits to revitalize Croydon and Bristol

State Sen. Steve Santarsiero and Rep. Tina Davis announced 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 Sen. 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 to purchase and improve the Croydon property that its operating company (B-Tec Solutions) has leased for many years. The company is making 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, two part-time) will be retained within the Bucks Enterprise Zone through the project. All of the roughly 40 current Neshaminy Creek Brewing jobs will also be retained.

• $250,000 to Grundy Commons 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 its long-term growth plans. It will help in the purchase of 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.

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