2004 Section 108 Project Summaries - Pennsylvania

Downtown Streetscape Improvements
BORROWER: BEAVER COUNTY
STATE: PA
COMMITMENT AMOUNT: $5,166,000 Beaver County will use the Section 108 guaranteed loan to finance public facilities and improvements in the Boroughs of Ambridge, Midland, and New Brighton. Improvements include the relocation of electrical services, construction of walkways, and installation of traffic controls. While helping to preserve the architectural and economic integrity of these three town centers, these activities benefit a combined population of 17,278, of which 59% are low- to moderate-income persons.

French Creek Center Project
BORROWER: CHESTER COUNTY
STATE: PA
COMMITMENT AMOUNT: $4,000,000
Chester County will loan its Section 108 guaranteed loan for the Gateway Partnerships, LLC and the Shoppe's at French Creek, LLC in conjunction with Brownfields Economic Development Initiative grant of $2,000,000, to develop two parcels as part of the French Creek Center Project in the Borough of Phoenixville. The project includes construction of: (1) the Gateway Building, a 33,500 square foot, four-story commercial office building, and (2) the Shoppe's at French Creek, approximately 58,000 square feet of village retail and 81,000 square feet of professional office space. To complement the construction of these buildings, there will also be extensive site improvements, infrastructure and environmental remediation activities. These activities will benefit low- and moderate-income persons through the creation of 172 new full-time jobs.

Horizon Corporate Center Project
BORROWER: Bucks County
STATE: PA
COMMITMENT AMOUNT: $3,000,000
Bucks County, through the Redevelopment Agency of Bucks County, will use Section 108 guaranteed loan funds in conjunction with a $2,000,000 Brownfields Economic Development Initiative (BEDI) to make a loan to a private developer for infrastructure improvements to facilitate development of two commercial pads sited for a Wal-Mart and a Lowe's Home Center. The project will generate approximately 143 full time jobs benefiting low- and moderate-income persons.

KPV Falcon Corporation Expansion Project
BORROWER: READING
STATE: PA
COMMITMENT AMOUNT: $1,500,000
Reading will use Section 108 guaranteed loan funds, in conjunction with a $1,400,000 Economic Development Initiative (EDI) grant, to provide funding assistance to KVP Falcon, a for-profit subsidiary of Summa Industries, Inc., to purchase machinery and equipment to be used in its newly constructed, 138,000 square foot facility in the industrial park. The activity will create approximately 200 jobs benefitting low- and moderate income persons.

Lexington Technology Park
BORROWER: PITTSBURGH
STATE: PA
COMMITMENT AMOUNT: $3,000,000
Pittsburgh has been awarded a Section 108 loan guarantee in the amount of $3,000,000, and a Brownfields Economic Development Initiative grant in the amount of $1,100,000, to assist with economic development activities. Guarantee loan funds will be loaned to a non-profit entity to finance acquisition of real property (through long-term lease agreement). These activities will benefit low- and moderate-income persons through the creation of 120 full-time equivalent jobs.

The Mall at Steamtown Renovation Project
BORROWER: SCRANTON
STATE: PA
COMMITMENT AMOUNT: $3,000,000
Scranton will use the Section 108 guaranteed loan to make a loan to Steamtown Mall Partnership, L. P. to assist in financing tenant improvements and capital repairs of the common areas at its 565,000 square foot downtown mall. These funded activities will cause the creation of 86 new jobs, at least 51 percent of which will be held by low- and moderate-income persons.

Ten Tower Bridge Office Building
BORROWER: MONTGOMERY COUNTY
STATE: PA
COMMITMENT AMOUNT: $3,000,000
Montgomery County, through its Redevelopment Authority, will use the Section 108 guaranteed loan to make a loan to the for profit Ten Tower Bridge Associates to assist in financing the construction of the five-story Ten Tower Bridge Office Building in Conshohocken. The Office Building will provide 130,000 square foot in Class A office space and a parking garage. The County estimates that this assisted project will create 286 new full time jobs, at least 51 percent of which will benefit low- and moderate-income persons