Norristown Approves Tax Abatement For Downtown Redevelopment

NORRISTOWN, PA — Norristown's municipal council voted in favor of a tax abatement program Tuesday which developers say is needed to bring a major revitalization project downtown.

The proposal to adopt a Local Economic Revitalization Tax Assistance (LERTA) program was approved by a vote of 6-1. Councilman Thomas Lepera cast the lone dissenting vote.

The program allows local municipalities to reduce taxes levied against new businesses, in order to encourage development and investment in a given area. LERTA is only applicable for projects which propose to increase the present value on a given property, which is exactly what the repurposing of the old Baer Building aims to do.

The proposal includes bringing in "eSpot," a state of the art gaming facility, 15 affordable studio apartments, a brew pub and sports bar, a BBQ restaurant, a rooftop bar, a bike shop, and a yoga studio.

The revitalization of the former furniture store, which stood for decades, is being put together by Mill City properties, an E. Moore Street-based firm that owns the building and runs more than 40 units around the area. Mill City is helmed by former Norristown Area High School basketball coach Mike Fink, who is best known for similar redevelopment projects in neary Ambler's now-thriving downtown.

>>Read more about the plans for the Baer Building on 120 Main Street here