Section 18200.301 - Program(a)Establishment.--There is established within the department a program to be known as the First Class Cities Economic Development District Program. The program shall encourage development of deteriorated property by providing the tax exemptions, deductions, abatements or credits provided by this act to persons who own interests in qualified pass-through entities and to residents of and qualified businesses located in economic development districts.(b)Proposal.--On or before July 15, 2005, the Governor may, by executive order, propose the designation of deteriorated property within cities of the first class as economic development districts. The executive order shall specify the period of time, not to extend beyond December 31, 2018, for which the tax exemptions, deductions, abatements or credits provided by this act may be granted. The department shall immediately notify the owners of the deteriorated property and the political subdivisions in which the deteriorated property is located.(c)Application.--Upon receipt of a request from the owners of deteriorated property notified under subsection (b), a city of the first class may apply to the department for approval of the proposal to designate the deteriorated property as an economic development district for the period specified under subsection (b). The application shall be on a form provided by the department and shall include a copy of an ordinance, resolution or other required action from the governing body of the city of the first class consistent with the requirements of section 302.(d)Designation.--If all political subdivisions within a proposed economic development district submit timely, completed applications, the department shall approve the applications and designate the property as an economic development district. The State tax exemptions, deductions, abatements or credits set forth in this act and the local tax exemptions, deductions, abatements or credits set forth in this act shall take effect on the date the property is designated an economic development district. Qualified businesses and persons who own interests in qualified pass-through entities within the economic development district shall be entitled to the State tax exemptions, deductions, abatements or credits set forth in this act and the local tax exemptions, deductions, abatements or credits set forth in this act for the period for which the economic development district has been designated.(e)Limitation.--The aggregate amount of deteriorated property proposed by the Governor under subsection (b) may not exceed 85 acres. 2004, Dec. 1, P.L. 1750, No. 226, § 301, imd. effective.