The New DCED<br />Encourages public/private partnerships<br />Focuses on performance-based initiatives<br />Encourages com...
FY 2011/2012 Budget<br />$223.5 million budget<br />56 programs<br />Eliminates $70 million in “walking around money” (WAM...
Programs Included in Liberty Financing Authority<br />Alternative and Clean Energy <br />Building PA<br />Business in Our ...
Pennsylvania Industrial Development Authority
Pennsylvania Minority Business Development Fund
Pollution Prevention Program
Renewable Energy (Wind and Geothermal)
Second Stage Loan Guarantee
Small Business First
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Naiop pittsburg meeting on budget 4.14.11

Published on: Mar 3, 2016
Published in: Business      Economy & Finance      

Transcripts - Naiop pittsburg meeting on budget 4.14.11

  • 1.
  • 2. The New DCED<br />Encourages public/private partnerships<br />Focuses on performance-based initiatives<br />Encourages competition for funding<br />Transforms the economic development delivery system<br />Provides a user-friendly experience<br />
  • 3. FY 2011/2012 Budget<br />$223.5 million budget<br />56 programs<br />Eliminates $70 million in “walking around money” (WAMS)<br />
  • 4. Programs Included in Liberty Financing Authority<br />Alternative and Clean Energy <br />Building PA<br />Business in Our Sites <br />Community Economic Development Loan Program<br />Export Finance Program<br />First Industries<br />H20 PA Water and Sewer<br />H20 PA High Hazard Unsafe Dams<br />H20 PA Flood Control<br />High Performance Building <br />Local Share Account – Monroe County<br />Local Share Account – Luzerne County<br />Local Share Account – Counties contiguous to Monroe County<br />Local Share Account – Allegheny County<br /><ul><li>Machinery and Equipment Loan Fund
  • 5. Pennsylvania Industrial Development Authority
  • 6. Pennsylvania Minority Business Development Fund
  • 8. Pollution Prevention Program
  • 9. Renewable Energy (Wind and Geothermal)
  • 10. Second Stage Loan Guarantee
  • 11. Small Business First
  • 12. Solar Energy
  • 13. Tax Increment Financing Guarantee
  • 14. Tobacco Investment Settlement Board
  • 15. Venture Capital Guarantee
  • 16. Venture Investment Fund</li></li></ul><li>Liberty Financing Authority<br />Formerly referred to as Liberty Loan Fund<br />Transfers accounts from existing authorities and funds<br />One-stop-shop for job creators seeking resources<br /><ul><li>Single loan application, single loan repayment
  • 17. A new governance structure that is a true public/private partnership
  • 18. Annual financing strategy developed by the authority
  • 19. Leverages new private funds using combined resources
  • 20. Creates new financing products to proactively address customers’ needs
  • 21. Provides flexibility and maximizes resources
  • 22. Initiates loans through certified providers
  • 23. Deposits funds with private trustees</li></li></ul><li>PA First Fund<br />Streamlined tool for businesses to access grant funding for: <br />Capital costs<br />Job training <br />Infrastructure<br />For for-profit businesses, non-profits, municipalities and municipal authorities on behalf of businesses<br />Requires 10:1 private investment<br />Includes a job creation requirement<br />
  • 24. Business in Our Sites (BOS)<br /><ul><li>Eligible Applicants
  • 25. Municipalities, municipal authorities, redevelopment authorities, industrial development. agencies, and private developers (for construction loans only)
  • 26. Eligible Uses of Funds
  • 27. All site development activities required to make a site “shovel ready”
  • 28. For speculative projects only
  • 29. Fund Limits
  • 30. No maximum or minimum
  • 31. Grants may only be awarded in combination with loans
  • 32. Grants may not exceed 50% of the total amount of financing provided, or $5 million, whichever is less
  • 33. Total grants may not exceed $100 million
  • 34. Requirements
  • 35. Loans will be “patient” – no repayment until property is sold or leased
  • 36. Site must be previously utilized property or undeveloped property that is planned and zoned for development
  • 37. Counties/municipalities must be notified
  • 38. Substantial likelihood of site use following development, not for primarily residential or recreational purposes
  • 39. Private developers are not eligible to receive grant funds
  • 40. Applying for Grants & Loans
  • 41. Submit a Single Application to the Commonwealth Financing Authority</li></li></ul><li>Tax Increment Financing Guarantee Program (TIF)<br />Eligible Applicants<br />Authorities that issue Tax Increment Financing bonds to fund local economic development projects<br />Purpose of Program<br />To provide credit enhancement to TIF bonds<br />Guarantee Limits<br />Maximum guarantee amount is $5 million<br /><ul><li>Requirements
  • 42. Project must be located on previously utilized property or on undeveloped property that is planned and zoned for development
  • 43. Project must meet all the requirements of the TIF Act
  • 44. Applying for Tax Increment Financing
  • 45. Submit a single application to the Commonwealth Financing Authority</li></li></ul><li>Industrial Sites Reuse Program (ISRP) <br /><ul><li>Eligible Applicants</li></ul>Municipalities, Municipal Authorities, Redevelopment Authorities, Non-profit economic development agencies, Private companies, real estate developers<br /><ul><li>Eligible Uses of Funds</li></ul>- Phase I, II & III Environmental Assessments<br /> - Remediation/Removal of Hazardous Substances<br /><ul><li>Types of Assistance</li></ul>Grants: <br />Environmental Assessments:<br /> - Cities of the 1st, 2nd, 2A, or 3rd Class<br /> - Targeted communities as designated by DCED<br />Environmental Remediation:<br /> - Public or non-profit entity when owning the site<br />Loans:<br /> - All eligible applicants for remediation & assessments<br />
  • 46. Industrial Sites Reuse Program (ISRP) <br />Amount & Terms of Assistance<br />- 25% match required<br /><ul><li>Up to $200,000 for assessment
  • 47. Up to $1 Million for remediation
  • 48. All loans = 2% rate
  • 49. Loan Terms:
  • 50. 5 years = assessment loans
  • 51. 15 years = remediation loans</li></ul>Applying for ISRP<br /><ul><li>Submit LOI to DCED
  • 52. DCED & DEP will review
  • 53. Single Application forward to eligible applicant
  • 54. DCED approves/disapproves project
  • 55. Applicant is notified</li></li></ul><li>Questions?<br />

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