Section 135.47. Submission of plans

(a) Plans shall be submitted to the Department under the Enterprise Zone Tax Credit Program by one of the following:

(1) Private companies proposing to make qualified investments to rehabilitate, expand or improve buildings or land located within portions of impoverished areas which have been designated as enterprise zones. Plans submitted by private companies shall be developed in cooperation with and approved by a neighborhood organization. The activities proposed may not detract from the existing enterprise zone area plan developed and approved under Chapter 121 (relating to enterprise development area initiative—statement of policy).

(2) Neighborhood organizations that are directly involved in the Department’s designated enterprise zone program or that are involved in community economic development activities within the enterprise zone area. Plans submitted by neighborhood organizations shall include commitments from one or more private companies that will make qualified investments to rehabilitate, expand or improve buildings or land located within portions of impoverished areas which have been designated as enterprise zones.

(b) Prior to the start of a project, plans shall be submitted to the Community Empowerment Office and receive conditional approval by the Secretary in order to be eligible for tax credits under this section.

(c) Plans shall be submitted in the format announced by the Department and shall include:

(1) Documentation that the applicant—private company or a neighborhood organization—meets the eligibility requirements for the program.

(2) A description of the private company’s planned activities to rehabilitate, expand or improve buildings or land including documentation of property ownership.

(3) Specific construction and renovation plans.

(4) Time frame for the planned activities for each fiscal year up to 2 years.

(5) Discussion of community economic development benefits for the enterprise zone and a commitment to avoid displacement of current residents.

(6) A budget that itemizes the construction and rehabilitation related project costs and contains an estimate of the amount of the investment that will be made during each fiscal year up to 2 years. Costs incurred and applied against this plan for tax credits shall be for construction related costs only. Costs may only be submitted for work to be accomplished.

(7) A certification by a neighborhood organization in the community that the private company’s plan has been developed in cooperation with and approved by the neighborhood organization.

The provisions of this § 135.47 adopted March 4, 1988, effective March 5, 1988, 18 Pa.B. 937.