Sturla announces Commonwealth Financing Authority Funding for Lancaster Projects
HARRISBURG, Nov. 14 – State Rep. Mike Sturla, D-Lancaster announced today that the Commonwealth Financing Authority has approved project grants and loans totaling $12.65 million in the City of Lancaster.
“I thank the CFA for approving these important projects that I supported for the betterment of Lancaster’s economy and community. I will continue to work with the City of Lancaster and local developers in helping to keep Lancaster a thriving area,” Sturla said.
A $175,000 Greenways, Trails and Recreation Program grant was awarded to the City of Lancaster to be used for Farnum Park renovations.
The City also received a $1.225 million Multimodal Transportation Fund Program grant for S. Duke St. improvements that include improving ADA accessibility, the addition of a roundabout, street lighting and bike lane construction. This fund provides grants to encourage economic development and ensure that a safe and reliable system of transportation is available to residents of the commonwealth.
A $2 million Business in Our Sites grant and $3 million Business in Our Sites loan will be used for the development of City Gate Corporate Center, which will generate nearly 500 jobs. Business in Our Site Grants and Loans are used for site development and business, infrastructure, land and buildings. Loans are repaid at rate of two to three percent over a period not to exceed 20 years.
The EDC Finance Corporation was also awarded a $6.25 million Building PA loan for the renovation of the Hotel Lancaster. The project will completely renovate 140,000 square feet of hotel property including improvements to the faced, lobby, rooms and core building systems.
An independent agency of the Pennsylvania Department of Community and Economic Development, the Commonwealth Financing Authority is charged with overseeing the funding of programs and investments in Pennsylvania’s economic growth.