I got through, here are the pertinent parts:
Quote:
Dechert is locked in a legal fight with a state agency over its plan to secure tax credits to move into one of two office towers set to be built in the Schuylkill Yards development in University City, in a case that could have massive implications for tenants, landlords and developers.
The Pennsylvania Department of Community and Economic Development (DECD) argues that because Dechert already received tax credits under the state’s Keystone Opportunity Zone Act when it moved to Cira Centre 15 years ago, it is not eligible for the program again.
Dechert, though, says because its tax credits expired at the end of 2018, it no longer is located in an active opportunity zone and therefore should be allowed to move into another one.
In its legal filing, Dechert said to start construction of the two office buildings located at 3001-03 and 3025 John F. Kennedy Blvd., called JFK Towers, developer and landlord Brandywine Realty Trust needs a commitment from prospective tenants.
Since the tax credits expired on Dec. 31, 2018, six other businesses have moved out of Cira Centre, leaving the 29-story tower to deal with vacancies for the first time in its lifecycle.
“This is a significant case,” said Philip Rosenfeldt, a real estate lawyer with Blank Rome. “The issue is that while you are improving a blighted area by moving, you are leaving a hole in another one and risk it returning to blight. But in the case of a modern building like Cira Centre, I’m not sure that’s a big risk. The value of the building could certainly be impacted due to the vacancies though.”
|
So it seems they're talking about the red building? It's interesting though because they're not biotech which is who I thought they were targeting, but I imagine they'd be cool with mixed traditional office space and labs?
Oral arguments were held Wednesday. They're arguing there is nothing in the KOZ act specifically disallowing a business to only be in a KOZ one time ever. They're expecting an expedited ruling soon because an outcome is needed soon in order to commit or not.