In a recent government meeting, officials discussed the implementation of the CRIS program, which aims to revitalize 130 acres of commercial properties in Reading. This initiative is designed to stimulate economic growth and enhance the city’s infrastructure, particularly along key corridors such as Penn Street and Canal Street.

The CRIS program will establish a tax base for the designated properties, allowing the city to capture future growth in state taxes, including income and sales taxes. This revenue will be reinvested into further redevelopment efforts, creating a cycle of economic improvement. Over the next 30 years, the program is projected to generate over $500 million in new economic activity, attract $100 million in private investment, and create more than 3,000 jobs.

Additionally, officials anticipate a 20% increase in property values and an annual boost of over $4 million in school tax revenue. The initiative also aims to foster the establishment of over 50 new small businesses within the targeted areas.

City leaders expressed optimism that the CRIS program, alongside other development plans, will significantly alter Reading's economic landscape, moving the city away from past financial struggles. The meeting underscored a commitment to long-term growth and revitalization, with officials eager to see tangible results from the program's implementation.