NOTICES
PENNSYLVANIA INDUSTRIAL DEVELOPMENT AUTHORITY
Interest Rates and Participation Rates
[39 Pa.B. 4194]
[Saturday, July 18, 2009]At its July 1, 2009, meeting, the Board of the Pennsylvania Industrial Development Authority (PIDA) adopted new project participation rates and interest rates based upon the most recent unemployment statistics provided by the Department of Labor and Industry.
The Board also decided to establish interest rates quarterly using the most recent weekly average of the 10-year Treasury rate as a benchmark. Interest rates will be reset quarterly, on July 1, October 1, January 1 and April 1, in accordance with the criteria set forth as follows, and will be published on the Department of Community and Economic Development's web site, newPA.com.
The interest rate will be set at a rate equal to the 10-year treasury rate, rounded to the closest quarter point (designated in the attached schedule as ''10 Year TR''), for projects located in critical economic areas with an unemployment rate that equals or exceeds the statewide average unemployment rate, for projects in any critical economic area that are designated by PIDA as ''advanced tech projects,'' and for projects located in the following targeted areas:
Enterprise Zones
Keystone Opportunity Expansion Zones
Keystone Opportunity Improvement Zones
Federal Empowerment Zones
Financially Distressed Municipalities under Act 47
Keystone Opportunity Zones
Brownfield Sites
Federal Enterprise Communities
Keystone Innovation ZonesThe interest rate will be set at a rate equal to the 10-year treasury rate plus 1 percentage point, rounded to the closest quarter point (designated in the attached schedule as ''10 Year TR+1''), for projects located in critical economic areas with an unemployment rate that is less than the Statewide average unemployment rate and which would not otherwise qualify for the lower rate.
Attached is the PIDA participation and interest rate schedule for each critical economic area of the Commonwealth under the previous interest rate schedule, based upon the most recent applicable unemployment statistics.
For the calendar quarter beginning July 1, 2009, the 10 Year TR rate is 3.75% and the 10 Year TR+1 rate is 4.75%.
Note: Loan applications are subject to the schedule of interest rates in effect at the time the application is received by PIDA, provided that the application is presented to the PIDA Board (Board) for consideration at theB meeting for which the application was timely submitted or the next two subsequent Board meetings. Any loan application that is deferred beyond the period shall be subject to the schedule of interest rates in effect on the date of the Board meeting at which the application is considered, regardless of when the application was originally submitted.
DENNIS YABLONSKY,
Chairperson
PIDA
PIDA Participation and Interest Rates
for Counties and Municipalities*
Over 25,000 Population
Maximum
PIDA
Participation
Interest
Rate**
(S) (L) %
ADAMS 50 30 * * * * 10 Year TR +1 ALLEGHENY 50 30 * * * * 10 Year TR +1 McKeesport City 60 50 10 Year TR ARMSTRONG 60 50 10 Year TR BEAVER 60 50 10 Year TR BEDFORD 70 60 10 Year TR BERKS 60 50 10 Year TR Reading City 70 60 10 Year TR BLAIR 50 30 * * * * 10 Year TR +1 Altoona City 60 50 10 Year TR BRADFORD 60 50 10 Year TR BUCKS 50 30 * * * * 10 Year TR +1 Bensalem Township 60 50 10 Year TR Bristol Township 60 50 10 Year TR Warminster Township 60 50 10 Year TR BUTLER 50 30 * * * * 10 Year TR +1 CAMBRIA 60 50 10 Year TR Johnstown City 70 60 10 Year TR CAMERON 70 60 10 Year TR CARBON 70 60 10 Year TR CENTRE 40 * * * 30 * * * * 10 Year TR +1 CHESTER 40 * * * 30 * * * * 10 Year TR +1 CLARION 70 60 10 Year TR CLEARFIELD 70 60 10 Year TR CLINTON 60 50 10 Year TR COLUMBIA 60 50 10 Year TR CRAWFORD 60 50 10 Year TR CUMBERLAND 50 30 * * * * 10 Year TR +1 DAUPHIN 50 30 * * * * 10 Year TR +1 Harrisburg City 60 50 10 Year TR DELAWARE 50 30 * * * * 10 Year TR +1 Chester City 70 60 10 Year TR ELK 70 60 10 Year TR ERIE 60 50 10 Year TR FAYETTE 60 50 10 Year TR FOREST 70 60 10 Year TR FRANKLIN 60 50 10 Year TR FULTON 70 60 10 Year TR GREENE 50 40 * * * 10 Year TR +1 HUNTINGDON 70 60 10 Year TR INDIANA 50 40 * * * 10 Year TR +1 JEFFERSON 60 50 10 Year TR JUNIATA 60 50 10 Year TR LACKAWANNA 60 50 10 Year TR LANCASTER 50 30 * * * * 10 Year TR +1 Lancaster City 70 60 10 Year TR LAWRENCE 60 50 10 Year TR New Castle City 70 60 10 Year TR LEBANON 50 30 * * * * 10 Year TR +1 Lebanon City 60 50 10 Year TR LEHIGH 60 50 10 Year TR Allentown City 70 60 10 Year TR LUZERNE 60 50 10 Year TR Hazleton City 70 60 10 Year TR LYCOMING 60 50 10 Year TR MCKEAN 70 60 10 Year TR MERCER 70 60 10 Year TR MIFFLIN 70 60 10 Year TR MONROE 60 50 10 Year TR MONTGOMERY 50 30 * * * * 10 Year TR +1 Norristown Borough 60 50 10 Year TR Pottstown Borough 70 60 10 Year TR MONTOUR 50 30 * * * * 10 Year TR +1 NORTHAMPTON 60 50 10 Year TR NORTHUMBERLAND 70 60 10 Year TR PERRY 50 30 * * * * 10 Year TR +1 PHILADELPHIA 60 50 10 Year TR PIKE 70 60 10 Year TR POTTER 70 60 10 Year TR SCHUYLKILL 70 60 10 Year TR SNYDER 60 50 10 Year TR SOMERSET 60 50 10 Year TR SULLIVAN 60 50 10 Year TR SUSQUEHANNA 60 50 10 Year TR TIOGA 70 60 10 Year TR UNION 60 50 10 Year TR VENANGO 60 50 10 Year TR WARREN 60 50 10 Year TR WASHINGTON 50 30 * * * * 10 Year TR +1 WAYNE 60 50 10 Year TR WESTMORELAND 60 50 10 Year TR WYOMING 60 50 10 Year TR YORK 50 30 * * * * 10 Year TR +1 York City 70 60 10 Year TR * Municipalities are listed only if PIDA rate differs from County rate.
(S) Small Business (Less than 50 existing employees, including parent, subsidiaries and affiliates).
(L) Large Business.
Special Note: Projects located in Designated Enterprise Zones, Financially Distressed Municipalities under Act 47 (Over), Federal Empowerment Zones, Federal Enterprise Communities, Keystone Opportunity Zones, Keystone Opportunity Expansion Zones, Keystone Opportunity Improvement Zones, Keystone Innovation Zones, Brownfield Sites and Companies Designated as Advanced Tech Firms will receive an interest rate of 3.75%.
Also, projects located in Keystone Innovation Zones are eligible to receive participation rates of up to 75% at the discretion of the PIDA board.
* * * 10% Equity required.
* * * * 20% Equity required.
[Pa.B. Doc. No. 09-1308. Filed for public inspection July 17, 2009, 9:00 a.m.]
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