from City of Reading
Pictured above, from left to right: Mayor Eddie Morán, Sandy Solomon (Owner and CEO of Sweet Street), Senator Judy Schwank, and Steve Neratko (Consultant at HailStone).
The City of Reading has officially launched its visionary City Revitalization and Improvement Zone (CRIZ) initiative following last week’s first public hearing. The CRIZ program is poised to drive economic vitality, attract businesses, and create jobs, ultimately transforming Reading into a vibrant and thriving urban hub.
Mayor Eddie Moran voiced his support during the CRIZ hearing saying, “A CRIZ designation, coupled with many existing and proposed initiatives and plans, including the return of passenger rail, are key to the ongoing revitalization of our beautiful city and a better place to live and work for our residents.”
During the hearing Senator Judy Schwank also shared her support, “It’s exciting to see our CRIZ Authority coming together to begin the important work ahead for the City of Reading. The CRIZ is a powerful tool we can use to make strategic investments and foster a brighter economic future for Reading and Berks County. With a diverse group of individuals approved by city council, I’m optimistic that we are on the right path forward.”
Mission and Vision of the CRIZ Initiative
The CRIZ initiative is designed to leverage financial resources to foster private and public investments, revitalize neighborhoods, and position Reading as a model for innovation and growth. With a goal to create a thriving downtown core, enhance infrastructure, and increase both public and private investment, the CRIZ program is expected to generate over $540 million in economic activity over the next 30 years.
Key Goals and Strategic Objectives
Foster Private Investment:
- Attract over $540 million in private and public investments over 30 years.
- Focus on high-yield projects to establish a solid financial foundation for future development.
Create Jobs and Develop the Workforce:
- Create or retain 500 jobs within the first five years, with a target of 3,000 jobs by the program’s completion.
- Collaborate with institutions like Alvernia University’s O’Pake Institute to support workforce development programs.
Infrastructure Revitalization:
- Improve streetscapes, public spaces, and transportation infrastructure.
- Increase the infrastructure quality index by 75%, with the return of passenger rail service to Philadelphia as a key milestone.
Revitalize Blighted Areas:
- Transform underutilized and blighted properties into vibrant, mixed-use districts, attracting residents and businesses.
Increase Property Values and School Tax Revenues:
- Project a 50% increase in property values over 30 years, generating additional local tax revenue to support the Reading School District.
Major Projects and Catalyst Developments
Penn Street Corridor Revitalization: Streetscape improvements, mixed-use developments, and the Penn Street Facade Program will restore the historical and commercial center of Reading.
Return of Passenger Rail: Reintroducing passenger rail service to Philadelphia will boost Transit-Oriented Development (TOD), driving economic growth and reducing car dependency.
Mixed-Use and Affordable Housing: The CRIZ initiative aims to develop 6,000 new housing units over 30 years to meet affordable housing needs and increase downtown density.
Financial and Funding Strategy
The CRIZ initiative will employ a robust financial strategy, including a debt service fund, revolving loan fund for small businesses, and partnerships with state and federal programs. Fifty percent of CRIZ funds will be allocated to large-scale private development projects, with 10% dedicated to supporting small business entrepreneurs through low-interest loans.
Governance and Accountability
The CRIZ program will be overseen by a CRIZ Authority, which includes public officials, developers, and community leaders to ensure transparency and accountability. Regular audits will verify that funds are used in alignment with the city’s strategic goals.
Key Performance Indicators:
- $75 million in private investment over the first five years, growing to $540 million over 30 years.
- 500 jobs created or retained within five years, growing to 3,000 jobs by the program’s completion.
- 75% improvement in infrastructure quality over 30 years.
- 50% increase in property values over 30 years.
- 20% population growth by the end of the program.
Community and Economic Benefits
- Increased investments and redevelopment in Reading’s CRIZ zones will provide wide-ranging community benefits, including a reduction in crime rates, enhanced school funding, and the revitalization of blighted neighborhoods. The initiative is set to drive long-term growth, ensuring that Reading becomes a vibrant, livable city for generations to come.
For more information on the CRIZ initiative and its impact on the City of Reading, visit https://www.readingpa.gov/city-revitalization-and-improvement-zone-authority.
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