2002 Section 108 Project Summary - Pennsylvania

Economic Development

REDEVELOPMENT OF BLIGHTED 63-ACRE RIVERFRONT SITE UNDERWAY
Montgomery County PA Riverview Redevelopment Project $ 3,000,000

With the help of Section 108's award of $3,000,000 in loan guarantee assistance, Montgomery County has taken a significant first step towards implementing the 63-acre Riverview Redevelopment Project in West NorritonTownship. The County, through its Redevelopment Authority, will lend the funds to Valley Forge Center Associates, LP, which owns the Riverview Project site. This assistance will finance a portion of the project's site preparation and infrastructure improvements, including the construction of a loop road and a recreational trail that links to the 30-mile Valley Forge bicycle path. These improvements will specifically facilitate construction and enhance viability of a 90,000 sq. foot office building along with renovation of several office buildings totaling 57,000 sq. feet. The Section 108 funds are being made in conjunction with a HUD Brownfields Economic Development Initiative award of $2,000,000 that will be used toward site remediation. Section 108 related activities are expected to create 150 new full-time jobs, principally for low- and moderate-income persons.

There are currently nine structures on the 63-acre project site, of which all but two will need to be demolished and remediation. The site' remediation will also address soil and groundwater contamination issues. Total redevelopment of the entire project site will include a total of approximately 803,000 sq. ft. of new commercial, office, and space. The redevelopment will also provide 720 apartment units. Total cost of the entire project is expected to exceed $100,000,000 and will create an estimate 3,500 jobs.

WARNER THEATER REDEVELOPMENT TO CREATE 276 NEW JOBS
New Castle PA Infrastructure Improvements for the Downtown Redevelopment Project $ 2,600,000

The City of New Castle will renovate the former Warner Theater by utilizing $2,600,000 in Section 108 loan funds to finance key infrastructure improvements that will enhance the theater's renovation. The former theater will be converted into a downtown theme mall and an indoor children's park. The funds will be used toward road reconstruction, landscaping, and river walk improvements. The project will principally benefit low- and moderate-income persons living in the service area and is expected to create 276 full-time permanent jobs. Total project cost is estimated at $11,423,180.

Public Facilities

RIVERFRONT REDEVELOPMENT TO INCLUDE RECREATIONAL PIER, RIVER WALK
Chester PA Barry Bridge Park $ 3,000,000

The City of Chester began its rehabilitation of Barry Bridge Park, located on 13.37 acres of riverfront property, with the help of $3,000,000 in Section 108 loan guarantee assistance to finance park improvements. Upon completion, the Park will provide expanded recreational opportunities by improving access to a little-used public area. The Section 108 loan funds will be used by the Chester Redevelopment Authority for the following items: construction of a road, a parking lot, a recreational pier, a river walk; grading and curb work; installation of lighting, and tree planting. The City was awarded a HUD Brownfields Economic Development Initiative (BEDI) in the amount of $1,400,000 in 2001, of which $1,000,000 will be used for interest payments on the Section 108 loan, and $400,000 will be used as a debt service reserve for the project.

Housing

HOTEL REDEVELOPMENT TO CREATE AFFORDABLE HOUSING FOR SENIOR CITIZENS
Carlisle PA Molly Pitcher Hotel/ Affordable Housing Project $600,000

HUD awarded the Borough of Carlisle $600,000 in loan guarantee assistance that will help finance acquisition costs for redevelopment of the Molly Pitcher Hotel into 38 affordable housing units and 1,000 square feet of storefront retail space. The project will target senior citizens with up to 60% of area median income. The Borough will partner with the Housing Development Corporation and the Redevelopment Authority of the County of Cumberland (RDA) to carry out the project, which has a total project cost estimated at $6,379,963.