Riverfront project would add $10M to tax coffers
The plan covers 255 acres in Pottstown and West Pottsgrove
POTTSTOWN » Plans for the redevelopment of 255 acres along the Schuylkill River in Pottstown and West Pottsgrove that could generate nearly $10 million in new tax revenues were unveiled recently to borough council.
According to the presentation put together by officials from the Montgomery County Planning Commission in concert with Pottstown and West Pottsgrove officials, the concept calls for a mix of development including residential, described as “highend apartments,” and non-residential uses, which include industrial, office and research and development.
“This is a concept to give a developer some ideas,” said Peggy Lee-Clark, director of Pottstown Area Industrial Development.
Interim Borough Manager Justin Keller said the development will be “market driven, with design standards to ensure quality,” and will also include the long-awaited extension of Keystone Boulevard to connect with Grosstown Road in Stowe, making for easy access to Route 422.
Lee-Clark said the study was
“This is a concept to give a developer some ideas.” Peggy Lee-Clark, executive of PAID Inc.
funded through a $200,000 grant funded by gambling revenues “and covers the largest undeveloped land area in Pottstown.”
It also includes the 80 acres in West Pottsgrove that were once Stanley Flagg Brass, one of the region’s main employers that closed in 1997 and was most recently proposed as the site for a medical marijuana grow facility.
Because so much of the design work has already been done, Michael Narcowich, a principal planner with the Montgomery County Planning Commission, said the defined plan can supercede zoning “and allow a developer to proceed directly to final plan approval.”
Allowing a developer who follows the plan to proceed to the final planning step “is a powerful tool” to attract developers and gives the municipalities more direct control over what gets built, said Community Planning Chief John Cover.
The next step “is to put out the call and see if any developers are interested,” said Narcowich.
There are 13 property owners of the parcels in the planning area, and they must be on-board as well.
According to the planning commission’s analysis, a build out of the plan would provide an additional $65.2 million in increased property value for the residential portion in the borough; and $47.2 million for West Pottsgrove.
On the non-residential side of the equation, a build out would result in another $51.8 million in non-residential property assessment for Pottstown, and another $37.5 million for West Pottsgrove.
All together, that a total of $201.8 million added to the tax base of the two towns.
In Pottstown, that would add an additional $1.2 million annually to the borough budget and another $4.6 million in tax revenues to the school budget.
In West Pottsgrove, the township would see an additional $211,819 in annual tax revenues and the Pottsgrove School District would see $3,208,039 more in taxes every year.