At the Norristown Area School District school board's work session tonight they have been discussing the future of two East Washington Avenue properties whose tax-exempt status is running out.
The properties, 500 East Washington Avenue and 356 East Washington Avenue, will lose their tax-exempt status of being Keystone Opportunity Zone (KOZ) properties. While these two properties are located in a flood plain, KOZ properties, with an exempt status, are thought to be attractive to developers.
Their KOZ status will expire on Dec. 31 of this year. More on this story to come.