Officials hope to create a more business-friendly climate with a new incentive to locate or grow in the borough. They are considering offering electric rate discounts to new and existing businesses that maintain certain employment levels while investing in plants and equipment. Economic Development Committee Chairman Ben Gross says it’s based on a simple principle.
“The key is that they invest new money in the borough through equipment purchases, fixture purchases, a new building. We’re still playing around with the numbers, but at the first level if someone comes in and they have a new business or an existing business with 50 employees and they spend $500,000, they get five percent off their electric rates for two years.”
Even with a ten percent discount, Gross says the borough still makes money on the electricity it buys in bulk and re-sells to residents. He says 90 percent of something is better than 100 percent of nothing.