In a bold step toward revitalizing the city and boosting economic development, Reading has launched its City Revitalization and Improvement Zone (CRIZ) initiative, following the first public hearing last week. The CRIZ program is designed to attract private investment, create jobs, and transform Reading into a thriving urban center, signaling a new chapter in the city’s ongoing redevelopment efforts.
Mayor Eddie Moran expressed strong support for the program, emphasizing its importance to the city’s growth. “A CRIZ designation, coupled with many existing and proposed initiatives and plans, including the return of passenger rail, are key to the ongoing revitalization of our beautiful city and a better place to live and work for our residents,” said Mayor Moran during the hearing.
The CRIZ initiative, which seeks to channel significant financial resources into public and private investments, is projected to generate over $540 million in economic activity over the next 30 years. Among its core objectives are attracting large-scale investments, creating jobs, and improving the city’s infrastructure and overall livability.
State Senator Judy Schwank also voiced her optimism about the initiative, calling it a powerful tool for economic growth. “It’s exciting to see our CRIZ Authority coming together to begin the important work ahead for the City of Reading. The CRIZ is a powerful tool we can use to make strategic investments and foster a brighter economic future for Reading and Berks County. With a diverse group of individuals approved by city council, I’m optimistic that we are on the right path forward,” said Schwank.
The CRIZ program outlines several key goals, including the creation of over 500 jobs within the first five years, with a target of 3,000 by the program’s completion. The city plans to partner with local institutions such as Alvernia University’s O’Pake Institute to support workforce development and skills training.
Another significant aspect of the initiative is the revitalization of infrastructure, with a focus on improving streetscapes, public spaces, and transportation. One of the most anticipated milestones is the return of passenger rail service to Philadelphia, which is expected to drive economic growth and reduce car dependency. The program also aims to transform underutilized properties into vibrant, mixed-use districts, offering opportunities for businesses and residents alike.
Key performance indicators for the initiative include a 75% improvement in infrastructure quality and a 50% increase in property values over the next 30 years. These improvements are expected to generate additional local tax revenue, benefiting the Reading School District and supporting further community development.
Several catalyst projects are already in the works, including the revitalization of the Penn Street Corridor, which will see streetscape enhancements and mixed-use developments aimed at restoring Reading’s historic and commercial heart. Additionally, the CRIZ initiative will develop 6,000 new housing units over the next 30 years, addressing affordable housing needs while increasing downtown density.
The financial strategy for CRIZ includes a mix of public and private funding, with 50% of funds allocated to large-scale development projects and 10% earmarked for small business entrepreneurs through low-interest loans. The program will be overseen by a CRIZ Authority, ensuring transparency and accountability through regular audits and community oversight.
The community benefits of the CRIZ initiative are expected to be far-reaching. In addition to increased economic activity and job creation, the program aims to reduce crime rates, improve infrastructure, and boost school funding. The overall goal is to ensure Reading’s long-term growth and to create a livable, vibrant city for generations to come.
With its ambitious goals and comprehensive approach, the CRIZ program represents a critical step forward in the City of Reading’s efforts to revitalize its economy and enhance the quality of life for its residents.
For more information on the CRIZ initiative, visit https://www.readingpa.gov/city-revitalization-and-improvement-zone-authority