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FOR IMMEDIATE RELEASE |
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State
Rep. Frank Dermody |
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Dermody: Pennvest awards $7.18 million low-interest loan to Edgewater Properties LP
HARRISBURG, April 16 – State Rep. Frank Dermody, D-Oakmont, announced that the Pennsylvania Infrastructure Investment Authority, known as Pennvest, has approved a $7.18 million low-interest loan to remediate and redevelop the former Edgewater Steel site in Oakmont.
"This loan allows Oakmont to improve its water quality while developing unused industrial land," Dermody said. "Developing the former Edgewater Steel site will significantly increase the tax base for the borough of Oakmont and Allegheny County."
The former Edgewater site is classified as a brownfield and consists of undeveloped industrial land covering 34 acres along the Allegheny River in Oakmont.
The loan will be used to convert the site into a walkable riverfront community with sidewalks, tree-lined streets, garages and diverse housing units.
The low-interest loan is for a term of 20 years. Interest for the loan starts out at 2.1 percent for the first five years and then increases to 2.96 percent for the remaining life of the loan. The loan covers about half of the estimated project cost.
Pennvest is an independent agency of Pennsylvania that was established in 1988. It provides financial assistance to the owners and operators of substandard and deteriorated sewer and water systems throughout the state.
It carries the borrowing authority of more than $1 billion in state and federal funds, along with proceeds from general obligation bonds and interest payments on its loans
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