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Despite facing challenges in netting a large corporation to locate in a long dormant business park, the town of Phillipsburg is on the cusp of significant economic growth with the announcement of a $1 million infusion of funds for downtown businesses. According to Mayor Harry Wyant, the town is making strides to attract businesses, provide incentives and encourage business owners to stay in the community that's just across the river from Easton. He gave a state of the town address Wednesday at Flynn's on the Hill in a program hosted by the Greater Lehigh Valley Chamber of Commerce and the Phillipsburg Rotary Club. With the economic growth occurring across the river in the downtowns of Easton, Allentown and Bethlehem, Wyant said the town has been working with NORWESCAP, a nonprofit in Phillipsburg, to bring the Neighborhood Revitalization Tax Credit program to fruition – an initiative that would invest $1 million in downtown business. Large corporations can take a 100 percent tax credit to be used for anything that will engender community development in an area, said John Korp, associate director of NORWESCAP. For Phillipsburg, area banks and a health insurer are stepping up to make the donations. The businesses get a tax credit for funds provided to nonprofits carrying out comprehensive revitalization plans. According to the New Jersey Department of Community Affairs website, nonprofits must use at least 60 percent of the tax credit funds for housing and economic development; the remaining funds may be used for supportive services and other activities that promote neighborhood revitalization. The state department encouraged the organization to partner with the town and develop a plan, Korp said. In 2009-2010, the state department approved the plan, which includes studying the oldest blend of existing residential/business, as well as open space, Korp said. Phillipsburg is one of 60 communities eligible to receive this money and is one of 10 approved in the state for housing development, Korp said. The planning approval process takes several years, he noted. "We have $1 million to spend," Korp said. "We are not patient people, it's something we would like to see happen." Click here to read the article.