Pennsylvania Industrial Development Authority (PIDA)

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PIDA Program Summary

  • Provides tax-exempt and taxable bonds, both in pooled transactions and stand-alone transaction, to be used to finance land, building, equipment, working capital and refinancing
  • Administered through the York County Industrial Development Authority (YCIDA)

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PIDA Project: Legacy Athletic

Eligible Businesses

Tax Exempt:

  • Manufacturing
  • Non-Profit 501 (c)3 organizations
  • Energy
  • Solid Waste Disposal
  • Waste Water Treatment
  • Transportation facilities
  • Assisted living/housing facilities
  • All projects must qualify under federal tax laws

Taxable:

  • No restrictions

Uses and Purposes of Funding

  • Land and building acquisition
  • Building renovation and new construction
  • Machinery and equipment acquisition and installation
  • Designated infrastructure
  • Refinancing
  • Working capital (taxable issuances only)
  • Closing costs

Amounts

  • Loan minimum of $400,000
  • Loan maximum of $10 million for manufacturers only, with no upper limit for other projects
  • Up to 100% of project costs

Job Creation and Retention

  • Create or retain one full-time job for every $50,000 borrowed

Interest Rate and Term

Tax-exempt:

  • Since 1990, rates have averaged 61 percent of the prime interest rate. The weekly variable interest rate is tied to the market for taxable bonds. The bond term is based upon a negotiated letter of credit and the borrower generally must secure a letter of credit from the bank$2,000 non-refundable application fee, which is applied to the closing fee

Taxable:

  • Since 1989, rates have averaged 46 percent of the prime interest rate. The weekly variable interest rate is tied to market for tax-exempt bonds. Bonds are available for up to 30-year term. Borrower generally must secure letter of credit from bank

Fees

  • $500 non-refundable PEDFA application fee
  • $750 non-refundable YCIDA application fee, which is applied to the closing fee
  • YCIDA closing fee of 20 Basis Points of the financing amount
  • YCIDA legal fees