Posted by Lehigh Valley Ramblings.
What impact does the state budget impasse have on Allentown’s NIZ? A reader asked this question yesterday. As near as I can determine, the answer is none. So while a local daycare in Easton and other nonprofits are being denied state funds, the NIZ is doing fine. Since its inception, the state subsidy to NIZ developer City Center Investment Corp. is $54.4 million.
In 2014, the state collected $55.5 million from businesses inside the NIZ. Another $2.3 million in local taxes were collected. This sum was then distributed to ANIZDA (NIZ Board), where Sy Traub. The ANIZDA web page contains no financials except for those interested in buying bonds. But persons knowledgeable about the NIZ inform me that the state and local tax subsidies are distributed once a year, around June. This would have taken place before the state budget impasse.