Though the city of Bethlehem announced the project nearly a
year ago, work has yet to start on creating the Tau building, a $30 million
post-incubator workspace in the former Bethlehem Steel general office building.
However, if the city achieves a City Revitalization and
Improvement Zone designation from the state, which allows certain state and
local taxes generated by businesses in the zone to be used to finance
construction and development of buildings, it could help push the project
forward.
"It's been in a holding pattern," said Joe Kelly,
director of community and economic development for Bethlehem. "That [Tau
project] was designated for a [tax-designation] incentive. It's still a very
real project."
Kelly said the city would continue to work with the land
owners to make the project happen. The building is owned by Sands Bethworks
Retail LLC, an entity of Sands Casino Resort Bethlehem, Kelly said.
Julia Corwin, spokeswoman for Sands Casino, said the casino
does not comment on proposed plans.
"There is a need and a demand in South Bethlehem for
incubator space," Kelly said.
According to a previous Lehigh Valley Business article, the
five-story Tau building is 120,000 square feet and at the corner of Founders
Way and East Third Street near the ArtsQuest campus at SteelStacks. If
developed, the project could create about 300 jobs.
While the city could receive state and federal grants as
potential sources of revenue for the project, the city slowed its pursuit of
those grants in the hopes of getting a CRIZ designation, Kelly said.
Source: LVB.com
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