| Description: |
1. INFRASTRUCTURE DEVELOPMENT PROGRAM (IDP) - An economic development program that provides grants and loans for infrastructure development.
2. THE INFRASTRUCTURE AND FACILITIES IMPROVEMENT PROGRAM - An economic development program to provide financial assistance in the form of multi-year grants to help with the infrastructure debt service of eleigible projects. Eligible projects include convention centers, hospitals, hotels, industrial enterprises, manufacturing enterprises, retail enterprises and research and development projects. Eligible applicants include industrial and development authorities, municipal authorities, PEDFA, PA convention center authorities and redevelopment authorities.
3. INDUSTRIAL SITES RE-USE PROGRAM (ISRP): Provides cash grants and low-interest loans to businesses to assist in the clean-up of contaminated sites. Funds may be used for site assessments and remediation. |
| Eligibility Requirements: |
1. Grants are to be used for publicly owned infrastructure improvements. Grants may also be awarded to an applicant who then loans them to a privately owned firm or developer for private infrastructure improvements. Individual grants and loans may not exceed $1.25 million. The project must demonstrate it could not go forward without the assistance. The private developer must demonstrate ana ability to repay the loan. Projects must be completed within the terms outlined in either the grant or loan.
2. The following costs are eligible for funding: 1. infrastructure; 2. remediation; 3. financing charges and other costs associated with financing debt; 4. site preparation; and 5. feasibility studies. If the project is manufacturing, hospital, convention center, or R&D facilty the following costs are also eligible: acquisition, construction, reconstruction, expansion, extension, demolition, improvement, rehabilitation or remodeling of interests in land, buildings, structures, improvements or infrastructure. Annual amount of grant may not exceed the cost of the debt service. Renewable for a four year period. Projects completed prior to July 1, 2004 are not eligible for this funding.
3. Applicants who did not cause the contamination prior to July 18, 1995 may apply for funding. Funds may be used for Level I, II, and III Environmental Assessments. Grantfunds are limited. Once all funds have been distributed, applicants may request a loan. |
