Latest news with #ErieDowntownDevelopmentCorporation
Yahoo
03-06-2025
- Business
- Yahoo
Radius CoWork, EDDC create new position to support local small businesses
Radius CoWork and the Erie Downtown Development Corporation (EDDC) are teaming up to support small businesses. Both organizations have created a new business support coordinator role that will provide expert resource advice for Erie's entrepreneurial community. Erie Insurance moves up on Fortune 500's list of America's largest corporations Financial consultant and business advisor Jenessa Norton has been hired to further EDDC's initiative to revitalize the downtown area. Downtown leaders said there's huge demand for business services in Erie, and they believe this effort will grow. Erie Co. owes over $500,000 after ECGRA audit comes back clean 'This role is going to enable us to accelerate both the start of new entrepreneurial ventures small businesses in our community to accelerate the growth of those businesses so that they get bigger faster that they provide new jobs and more ecnomic opportunity in our community so ofcourse were on a really great trajectory for over a decade but erie needs to pick up the pace,' said Sean Fedorko, founder and executive director of Radius CoWork. The position is funded through the Shaping Tomorrow grant from the Erie Community Foundation.s Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Fox News
30-04-2025
- Business
- Fox News
REP. MIKE KELLY, SEN. TIM SCOTT AND SECRETARY SCOTT TURNER: Save the Opportunity Zones before it's too late
In 2017, Congress passed one of the most consequential pieces of legislation in the last quarter-century. When President Donald Trump signed the Tax Cuts & Jobs Act (TCJA), the law spurred economic growth the United States hadn't seen in a generation. Wages increased, and unemployment decreased. Americans were able to cash their paychecks and go home to their families with more money in their pockets. Now, eight years later, major TCJA provisions are up for renewal. Among them: Opportunity Zones, a successful, bipartisan piece of legislation that is transforming underserved communities in real time. Opportunity Zones have made an incredible impact across our nation. The Opportunity Zone (OZ) initiative allows investors from all over the United States to invest their capital gains earnings in economically distressed communities where new investments can be eligible for preferential capital gains tax treatment. Instead of sitting idle in a brokerage or bank account, this money is put to work in communities that have not seen significant private investment for some time. This pro-growth tax policy offers crucial incentives that do not cost American taxpayers a single cent. In 2017, this kind of policy may have seemed unbelievable to some within the Beltway. Despite the skepticism, OZs are actively transforming communities and creating economic opportunities for families in the poorest zip codes. Erie, Pennsylvania may best exemplify the economic benefits and the tangible changes Opportunity Zones can create in a relatively short period of time. In 2018, the city's downtown ZIP code, 16501, was named the poorest in Pennsylvania and among the poorest nationwide. However, through the potential of OZs, the stigma of Pennsylvania's poorest ZIP code served as a springboard for investment in the area. Shortly after TCJA was signed into law, a group of local residents recognized how Opportunity Zones could revitalize the city. Major employers, local universities and other organizations partnered to provide initial financial backing to form the Erie Downtown Development Corporation (EDDC). To date, EDDC has leveraged more than $115 million in private investment into downtown Erie, which has built 108 new fully occupied residences, revitalized and created more than 100,000 square feet of new commercial space, and established space for 25 new businesses. Overall, $400 million of long-term capital investment is at work, breathing new life into Downtown Erie. These investments have a proven track record of revitalizing small businesses and residential areas while fostering innovation in technology and manufacturing — an industry where South Carolina excels. Projects like the South Carolina Technology & Aviation Center (SCTAC) have generated over $6.1 billion in investments and created more than 18,000 new jobs in the local community. This further underscores the significance of Opportunity Zones, which have been and will continue to be impactful. Additionally, Opportunity Zones have played a significant role in assisting the revitalization of previously overlooked communities, transforming them into economic powerhouses. In Oconee County, South Carolina, investors transformed a textile mill built in 1875 along Lake Hartwell into 197 new residential apartments. The project also incorporated retail and recreational amenities, including the restoration of the historic dam and the creation of public green spaces and trails. Nationally, Opportunity Zones have generated $89 billion in private investment across more than 5,600 designated communities, and this investment spurred the creation of over 500,000 jobs in the first two years alone. According to a report released in March by the Economic Innovation Group (EIG), a bipartisan public policy organization based in Washington, D.C. The legislation also has a far-reaching impact — approximately one in 10 Americans live in an Opportunity Zone. That number could soon grow. The EIG report also indicates that OZs "caused an increase of 313,000 new residential addresses (not counting units currently under construction) in designated communities from Q3 2019 to Q3 2024 – roughly doubling the total amount of new housing added to these communities over that period." Moreover, the Council of Economic Advisors found that the Opportunity Zone designation alone caused a 3.4% increase in home values in these areas, which translated to an estimated tens of billions of dollars in new wealth for the Opportunity Zone residents who own their homes. In 2018, the city's downtown ZIP code, 16501, was named the poorest in Pennsylvania and among the poorest nationwide. However, through the potential of OZs, the stigma of Pennsylvania's poorest ZIP code served as a springboard for investment in the area. By empowering the private sector and cutting red tape, Opportunity Zones enable projects to move more efficiently and at a lower cost while simultaneously addressing one of the most pressing needs in low-income communities – quality affordable housing. From the very start of the 2017 tax law, we knew the Opportunity Zones initiative would be a gamechanger. It was made for shovel-ready projects in neighborhoods that needed the help the most. As we look ahead to 2025, the future is bright in places like Erie and Oconee County. The EDDC is preparing to break ground on another $22 million project, which includes 37,000 square-feet for commercial office and retail space. However, if Congress fails to extend TCJA and Opportunity Zones provisions expire, we could see projects years in the making completely upended overnight, along with the largest tax hike in modern history. It's critical that Congress extend, expand and make the 2017 tax cuts permanent so working families, small businesses, and communities nationwide can continue to receive the benefits of this legislation – and tax cuts at large – for years to come. Republican Tim Scott represents South Carolina in the United States Senate. He is author of the book, "America, a Redemption Story: Choosing Hope, Creating Unity." Secretary Scott Turner leads the U.S. Department of Housing and Urban Development. He previously served as executive director of the White House Opportunity and Revitalization Council, where he championed Opportunity Zones during the first administration of President Donald J. Trump.
Yahoo
24-04-2025
- Sport
- Yahoo
EDDC kickball league returning for summer 2025
(WJET/WFXP)– One of Erie's newest summer staples is returning for another year of fun in the sun with friends. The Erie Downtown Development Corporation is bringing back the summer kickball league as part of their Flagship City Sports & Sips series and registration is now open. New signage seen around Liberty Park, Highmark Amphitheater takes new name The league kicks off the week of June 2 and goes until the week of July 21 with teams made of 7-10 people playing each Monday or Wednesday night, whichever they choose, in Perry Square. Teams will also get special offers from Ippa Pizza with $10 to-go 6-packs of domestic beer and Hazards Mini Golf and Social Pub selling $5 specialty cocktails and happy hour specials Playhouse for All program returns, offering discounted prices for ACCESS card holders 'Kickball is an invitation to experience downtown in a whole new way—with friends, fun, and a little friendly competition,' said Ryan Hoover, Experience Director at the Erie Downtown Development Corporation. 'We're excited to see kickball players return to Perry Square for another great summer of Kickball.' Registration will cost $450 per team and is open until May 31. You can sign up for your spot Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
24-03-2025
- Business
- Yahoo
EDDC expects new additions to bridge gap in community needs
Big changes are coming to downtown Erie that are expected to address a need in the community. The CEO of the Erie Downtown Development Corporation, Drew Whiting, said the Flagship City Commons has been under design for about a year. New sidewalk, pedestrian bridge going up along Waterford St. in Edinboro The idea is that the 312-space parking garage is connected with the public space in Perry Square While also connecting all of the campus redevelopment that has taken place over the last six to seven years Whiting said new additions will include spaces for new businesses, Dave's Diner that will open in a couple of months, and Country Fair that is set to open in less than a month. He said Country Fair will fulfill the need for a grocery and address a food desert for fresh produce and meat. Erie postal workers, community protest potential privatization of USPS 'We're working on getting Serafini's open on State Street in the Cashier's House which we expect to be the same time frame like mid to late May and then along Peach towards the entrance to our parking garage and adjacent to Dave's Diner we're looking at an Irish bar concept and potentially one other business to enter that row,' Whiting said. Whiting said the other potential business will be a great amenity to Gannon students. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
05-02-2025
- Business
- Yahoo
Erie City Mission announces boxing lineup for Knockout Homelessness fundraiser
The Erie City Mission announced this year's boxing lineup for their annual Knockout Homelessness fundraiser. Erie's famous boxing family, the Bizzarros, will be raising money for Erie City Mission's emergency men's shelter program for its 16th year in a row. Erie County organizations awarded $328K for agriculture projects Erie Events executive director Gus Pine will fight against Anthony Bizzarro, and Erie Downtown Development Corporation (EDDC) CEO Drew Whiting will go up against Lou Bizzarro. It's been ten years since Whiting has put gloves on but he said he's been training and ready to jump back in for a good cause. Dozens gather at North East council meeting to hear fate of beloved senior center 'I've been going to the Knockout Homelessness event for a few years now and really just came to appreciate the event for its ability to raise money and unite the community around this cause and start to get to know more about what the mission is doing and how they are doing their world. And when I was asked to participate and help the cause it was a no-brainer,' said Whiting. The event takes place on February 18 and tickets are available until the end of this week. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
