NOTICES
PENNSYLVANIA INDUSTRIAL DEVELOPMENT AUTHORITY
Participation and Interest Rates
[28 Pa.B. 6259] The Pennsylvania Industrial Development Authority (PIDA) gives notice of the adoption of PIDA participation and interest rates for loans approved by the PIDA Board of Directors. The rates, which were adopted by the PIDA Board of Directors at its meeting held October 7, 1998, are effective as of that date and will remain in effect until changed by a notice in the Pennsylvania Bulletin. The rates follow as Annex A.
The PIDA Board retains the right to waive or modify the rates, to the extent that such are not mandated by law, on a case by case basis for good cause shown.
The PIDA Board has also approved the following changes regarding the PIDA loan ceiling amount and the PIDA cost per job. The loan ceiling amounts have been increased as follows:
* from $1,000,000 to $1,250,000
* from $1,500,000 to $1,750,000 in targeted areas (enterprise zones, Act 47 communities, brownfield sites and Keystone Opportunity Zones)
* from $1,000,000 to $1,750,000 for multi-occupancy projects regardless of location.
The cost per job has been increased from $15,000/$20,000 to $25,000.
Further information can be obtained from the Pennsylvania Industrial Development Authority, Room 481, Forum Building, Harrisburg, PA 17120, (717) 787-6245.
SAMUEL A. MCCULLOUGH,
Chairperson
Annex A
PIDA
PARTICIPATION AND INTEREST RATES FOR COUNTIES AND MUNICIPALITIES* OVER 25,000 POPULATION
Effective October 1998 through June 1999
Maximum PIDA Interest Participation Rate** (S) % (L) % ADAMS 40 *** 30 **** 6.75 ALLEGHENY 40 *** 30 **** 6.75 McKeesport City 50 30 **** 3.75 Pittsburgh City 40 *** 30 **** 5.25 ARMSTRONG 50 40 *** 3.75 BEAVER 40 *** 40 *** 5.25 BEDFORD 50 40 *** 3.75 BERKS 40 *** 40 *** 6.75 Reading City 50 40 *** 5.25 BLAIR 40 *** 40 *** 5.25 Altoona City 50 40 *** 5.25 BRADFORD 40 *** 40 *** 5.25 BUCKS 40 *** 40 *** 6.75 Bensalem Twp. 40 *** 40 *** 5.25 Bristol Twp. 40 *** 40 *** 5.25 BUTLER 40 *** 40 *** 5.25 CAMBRIA 50 50 3.75 CAMERON 50 40 *** 3.75 CARBON 50 40 *** 3.75 CENTRE 30 **** 30 **** 6.75 CHESTER 30 **** 30 **** 6.75 CLARION 50 40 *** 5.25 CLEARFIELD 50 50 3.75 CLINTON 50 40 *** 3.75 COLUMBIA 50 40 *** 3.75 CRAWFORD 40 *** 40 *** 5.25 CUMBERLAND 30 **** 30 **** 6.75 DAUPHIN 30 **** 30 **** 6.75 Harrisburg 40 *** 30 **** 5.25 DELAWARE 40 *** 30 **** 6.75 Chester City 50 50 3.75 ELK 50 40 *** 5.25 ERIE 40 *** 40 *** 5.25 Erie City 50 40 *** 3.75 FAYETTE 50 50 3.75 FOREST 50 50 3.75 FRANKLIN 40 *** 30 **** 5.25 FULTON 50 40 *** 3.75 GREENE 50 50 3.75 HUNTINGDON 50 50 3.75 INDIANA 50 50 3.75 JEFFERSON 50 40 *** 3.75 JUNIATA 50 50 3.75 LACKAWANNA 50 40 *** 3.75 LANCASTER 30 **** 30 **** 6.75 Lancaster City 40 *** 30 **** 5.25 LAWRENCE 50 40 *** 5.25 New Castle City 50 40 *** 3.75 LEBANON 30 **** 30 **** 6.75 Lebanon City 40 *** 30 **** 6.75 LEHIGH 40 *** 40 *** 6.75 Allentown City 50 40 *** 5.25 Bethlehem City 40 *** 40 *** 5.25 LUZERNE 50 40 *** 3.75 Wilkes-Barre City 50 50 3.75 LYCOMING 50 40 *** 5.25 Williamsport City 50 40 *** 3.75 McKEAN 50 40 *** 5.25 MERCER 40 *** 40 *** 5.25 MIFFLIN 50 40 *** 3.75 MONROE 50 40 *** 3.75 MONTGOMERY 30 **** 30 **** 6.75 Norristown Boro 40 *** 30 **** 5.25 Upper Dublin Twp. 40 *** 30 **** 6.75 MONTOUR 40 *** 30 **** 6.75 NORTHAMPTON 40 *** 40 *** 5.25 NORTHUMBERLAND 50 40 *** 3.75 PERRY 30 **** 30 **** 6.75 PHILADELPHIA 50 40 *** 3.75 PIKE 40 *** 40 *** 5.25 POTTER 50 40 *** 3.75 SCHUYLKILL 50 40 *** 3.75 SNYDER 40 *** 40 *** 5.25 SOMERSET 50 40 *** 3.75 SULLIVAN 50 40 *** 3.75 SUSQUEHANNA 50 40 *** 3.75 TIOGA 50 40 *** 3.75 UNION 40 *** 40 *** 6.75 VENANGO 50 40 *** 3.75 WARREN 40 *** 40 *** 5.25 WASHINGTON 40 *** 40 *** 5.25 WAYNE 50 50 3.75 WESTMORELAND 40 *** 40 *** 5.25 WYOMING 50 50 3.75 YORK 40 *** 30 **** 6.75 York City 50 30 **** 3.75 * Municipalities are listed only if PIDA rate differs from County rate.
** Based on calendar year 1997 unemployment rate. Subject to change at discretion of PIDA Board.
(S) Small Business (Less than 50 existing employes, including parent, subsidiaries and affiliates.)
(L) Large Business.
Special Note: Projects located in designated enterprise zones, planning stage enterprise zones, financially distressed municipalities under Act 47, Federal empowerment zones, Federal enterprise communities, Keystone Opportunity Zones, and brownfield sites will receive loans at 3.75%. Companies designated as advanced tech firms will receive an interest rate of 4.25% or 3.75% depending on the location of the project (for example, if area rate is 5.25% or 6.75%, the interest rate will be 4.25%).
*** 10% Equity required
**** 20% Equity required
Financially Distressed Municipalities Under Act 47*
Aliquippa City
Beaver CountyFranklin Borough
Cambria CountyBraddock Borough
Allegheny CountyHomestead Borough
Allegheny CountyChester City
Delaware CountyJohnstown City
Cambria CountyClairton City
Allegheny CountyMillbourne Borough
Delaware CountyDuquesne City
Allegheny CountyNorth Braddock Borough
Allegheny CountyEast Pittsburgh Borough
Allegheny CountyRankin Borough
Allegheny CountyFarrell City
Mercer CountyScranton City
Lackawanna CountyWilkinsburg Borough
Allegheny County
Federal Empowerment Zones*
Portions of Pittsburgh and Philadelphia
Federal Enterprise Communities*
Portions of Harrisburg, Dauphin County
Portions of Lock Haven, Clinton County *Eligible for 3.75% Interest Rate
[Pa.B. Doc. No. 98-2085. Filed for public inspection December 18, 1998, 9:00 a.m.]
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