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FOR IMMEDIATE RELEASE |
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Rep.
Peter J. Daley |
  
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Expansion of Business in Our Sites approved by the House
HARRISBURG, May 13 – Commerce Committee Chairman Rep. Peter J. Daley, D-Fayette/Washington, said today that the state House of Representatives passed legislation to expand one of Pennsylvania's most successful economic stimulus programs -- Business in Our Sites.
House Bill 2353, sponsored by Rep. Vincent Biancucci, D-Beaver, would add $100 million to the program, which the legislature approved in 2004 to clean up polluted industrial sites and make them "shovel-ready" for new businesses looking to move in.
"As a key piece of the governor’s economic stimulus plan, the additional funding will be used to revitalize the Commonwealth’s commercial corridors, thus immediately stimulating job creation and economic activity," Daley said.
Business in our Sites is administered by the state Department of Community and Economic Development and provides grants to pay for the necessary planning and pre-development work required to carry out strategically important real estate development projects. The program also provides loans and grants for the acquisition and development of key sites for future use by businesses. Projects funded by the program must be agreed to by all four House and Senate caucuses and the governor’s office before proceeding. Grants of up to $5 million or 50 percent of the project cost, whichever is less, are available, as well as low-interest loans. In addition to the attractive interest rate, these "patient capital" loans have flexible repayment terms. Total funding available under the BIOS program is $300 million.
DCED reports that it currently has approximately $50 million in project requests waiting additional funding for the program.
The bill is a major component of Gov. Ed Rendell's 2008-09 proposed state budget's $2.3 billion economic stimulus plan – Protecting Our Progress. Through a wide array of tax rebates and infrastructure investment, this legislation would help create jobs and revitalize local economies across Pennsylvania.
Since inception of the program, 96 companies have located or have committed to locate at BIOS project sites, including 25 lots sold, 13 commitments for lease, 48 executed leases and 10 sales agreements. As most projects did not start to roll out until 2006, the positive impact on the Commonwealth will continue to grow.
This bill now goes to the Senate for consideration.
###DZ/2008/agh l:'print'releases' bospass.049
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