23/07/2024 | Press release | Distributed by Public on 23/07/2024 19:53
Today's Business in Our Sites awards through the Commonwealth Financing Authority will help more areas across the state become "pad-ready" for businesses and employers who want to expand in Pennsylvania.
In the 2024-25 budget Governor Shapiro secured $500 million for site development, including $400 million for the PA SITES program to make Pennsylvania more competitive on a national scale, attract more businesses, and create good-paying jobs.
Harrisburg, PA - Today, Department of Community and Economic Development (DCED) Secretary Rick Siger announced 12 new projects totaling more than $50 million were approved through the Commonwealth Financing Authority (CFA). Over $48 million of the funding was awarded today through the Business in Our Sites (BOS) program, which provides financial assistance for the preparation of sites located within Pennsylvania for future development.
Governor Shapiro realizes the importance of getting sites pad-ready in the Commonwealth, and included in the 2024-25 budget, he secured $500 million for site development, including $400 million for the PA SITES (Pennsylvania Strategic Investments to Enhance Sites) program. Governor Shapiro and Secretary Siger were recently in Bethlehem for a ceremonial bill signing of the new bipartisan budget, celebrating a number of initiatives that will help make Pennsylvania a leader in economic development, including the PA Sites funding.
"We know that a lack of available industrial sites is one of the biggest obstacles our Commonwealth faces in trying to attract and retain businesses in Pennsylvania," said Secretary Siger. "The investments we are announcing today-alongside the transformational funding for site development secured by Governor Shapiro in the 2024-25 budget-will make the Commonwealth more competitive and signal to businesses across the country and the world that Pennsylvania is open for business."
The following projects were approved:
Business in Our Sites (BOS) - $48,729,524
BOS provides grants and loans empowering communities to attract growing and expanding businesses by helping them build an inventory of ready sites. Funds can be used for all site development activities that are required to make a site shovel-ready. The BOS program is for speculative projects only. Funds cannot be used for projects that are primarily residential or recreational. Sites must be previously utilized property or undeveloped property that is planned and zoned for development. The CFA approved eight BOS projects totaling more than $43.7 million in grants and loans.
Building PA - $1,417,899
Building PA (BPA) aims to strengthen Pennsylvania's communities through loan guarantees. Funds can be used as working capital for industrial, commercial, and multi-use project real estate development in small to mid-sized communities.
The following Building PA loan was approved:
Pipeline Investment Program (PIPE) - $834,002
PIPE provides grants to construct the last few miles of natural gas distribution lines to business parks and existing manufacturing and industrial enterprises. The CFA approved two PIPE projects totaling more than $1 million in grants.
The following PIPE project was approved:
For more information about the Commonwealth Financing Authority's website or Department of Community and Economic Development, visit DCED website, and be sure to stay up-to-date with all of our agency news on Facebook, X, and LinkedIn.
MEDIA CONTACT:
Penny Ickes, [email protected]