By Molly Daly

PHILADELPHIA (CBS) — At a news conference held at an Old City tech company, Mayor Jim Kenney and the city commerce department announced Wednesday that the University City Keystone Innovation Zone is expanding its reach.

Keystone Innovation Zones are districts that offer tax incentives to life science and tech companies. Now, the University City Keystone Innovation Zone has expanded to include Old City, which is something of a tech incubator. Mayor Kenney says the neighborhood’s inclusion will help to bolster that growth.

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“It is very exciting to see what’s happening in Old City and around other parts of our communities that have not generally been in the tech sector,” the mayor said. “And the expansion of the zone will help propel that even faster and further than it has already in other parts of the city.”

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Chris Cera, whose digital product design company hosted the event, says expanding the zone will help him expand his business.

“For Arcweb Technologies,” Cera said, “it means that we can add one or two high-paying jobs as a result of this tax credit.”

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Cera said he believes in the next ten years, Old City will become the region’s technology hub.