Lincoln University Research and Development Park gets KOEZ designation
The Lincoln University may soon be the new home for technology companies in southern Chester County. A proposed research and development park on University land has just been approved as a Keystone Opportunity Expansion Zone (KOEZ) by the Pennsylvania Department of Community and Economic Development (DCED). This designation provides significant incentives for businesses to locate in the zone.
“The KOEZ program has spurred the creation of nearly 40,000 jobs since program inception and as zones expire, new tax revenues are generated for the state and local governments,” Alan Walker said. “I have no doubt the KOEZ designation at Lincoln will continue that track record of success, paving the way for new growth and jobs at the university and the region.”
Terence Farrell, Chester County Commissioner and member of the Lincoln Board of Trustees stated that, “This Research and Development Park is something that has been on the drawing board for at least 10 years. It's great to see it move so much closer to reality.
“This is the kind of result that we looked for to help advance the Route 1 Initiative. Hopefully, this new zone will indeed draw new businesses to the Research and Development Park and more jobs to the entire Route 1 Corridor,” the Commissioner added.
State Representative John Lawrence was also pleased to learn of the KOEZ designation. He noted that, “This KOEZ designation represents a tremendous opportunity both for the university and the entire community. In addition to providing unparalleled research and internship opportunities for students, dozens or even hundreds of new Research and Development jobs could provide a real boost to the local economy. I applaud everyone involved for their work to make this dream a reality.”
Gary Smith, President of the Chester County Economic Development Council, noted that he was extremely pleased with the positive decision from DCED. According to Smith, “We are excited at the possibilities that this new KOEZ creates for Lincoln University and the Route 1 corridor. We are pleased that we were able to play a small part in making it happen.”
The proposed KOEZ is located on a section of university-owned property off Baltimore Pike between Elkdale and University Roads, opposite the main campus. The KOEZ designation offers new businesses a 10-year tax abatement of local real estate taxes, state income taxes and other tax abatements. The abatements will run from Jan. 1, 2014 through Dec. 31, 2023.
Lincoln University and the CCEDC will now begin working on a process to identify a developer for the Research and Development Park and companies who will locate there.