Pennsylvania Industrial Development Authority (PIDA)

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PIDA Program Summary

  • Low interest loan financing for land and building acquisition, construction, and renovation projects that result in the creation or retention of jobs.
  • Available to any size business
  • Administered through the York County Economic Development Company (YCEDC), York County’s Certified Economic Development Organization (CEDO)

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PIDA Project: Legacy Athletic

Eligible Businesses

  • Manufacturing
  • Industrial
  • Agricultural processing
  • Research and development
  • Computer/clerical operation centers
  • Keystone Innovation Zone (KIZ) companies
  • Firms establishing a national or regional headquarters

Uses and Purposes of Funding

  • Land and building acquisition
  • Building renovation and new construction
  • Industrial park development
  • Multi-tenant spec building construction, acquisition and renovation

Amounts

  • Loans up to $2 million or 50% of the total eligible project costs, whichever is less
  • Loans up to $2.25 million or 50% of the total eligible projects costs, whichever is less for projects located within Enterprise Zones, Act 147 Industrial Communities, Federal Empowerment Zones, Federal Enterprise Communities, Brownfield Sites, Keystone Opportunity Zones and Keystone Opportunity Expansion Zones
  • Loans  up to $2.25 million or 50% of the total eligible projects costs, whichever is less for multi-tenant facilities secured by a first mortgage or 40% of the total eligible costs if secured by a second mortgage
  • Loans up to $2.25 million or 75% of the total eligible projects costs, whichever is less for industrial park projects secured by a first or participating first mortgage

Interest Rate

Based on current market conditions

Terms

  • Up to a 15-year term for land and building
  • May not exceed the term of any matching lending source with a mortgage prior to or shared with the PIDA mortgage

Job Creation and Retention

  • Create one full-time job for every $50,000 borrowed, or retain one full-time job for every $35,000 borrowed
  • Multiple-tenant building projects and industrial park projects are not subject to job creation and retention requirements

Fees

  • $1,500 non-refundable YCEDC Application Fee (applied to YCEDC Committee Fee)
  • 1.5% YCEDC Committee Fee
  • YCEDC legal fees
  • PIDA/DCED Commitment Fee of 1% of the PIDA loan amount