February 2010
Recovery Zone Facility Bond Program SEMINAR
INTRODUCTORY SEMINAR: On February 19, 2010, come and learn how tax-exempt Recovery Zone Facility Bonds can benefit you and/or your client's project. Open to Bankers, Realtors, Developers, Business Owners and anyone interested in financing privately-owned economic development projects. Join EDC Finance Corporation staff to learn the facts and to ask questions.
Friday, February 19, 2010
7:30 - 9:00 a.m.
Lancaster City Council Chambers in the Southern Market Center
100 South Queen Street, Lancaster
There is no charge for the program, however pre-registration is requested. Contact Janet Foster at jfoster@edclancaster.com or 717-397-4046.
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EDC Finance Announces Recovery Zone Facility Bond Program
On Wednesday, January 27, 2010, EDC Finance Corporation and the Redevelopment Authority of Lancaster County received final approval from the Lancaster County Commissioners to implement the Lancaster County Recovery Zone Facility Bond Program for 2010.
Recovery Zone Facility Bonds are a limited time $14.1 million allocation of tax-exempt financing available to all types of for-profit Lancaster County economic development projects that are able to close their bank financing before the end of 2010. Almost all types of for-profit projects can qualify for a tax-exempt interest rate on their bank financing with the program, which will look to spur new capital investment from Lancaster County companies and developers. The main qualifications for the program are that the project must be "new" and must be located in one of the Urban Growth Areas or Village Growth Areas of Lancaster County. (map  )
Projects benefiting the most from the program are those that plan to borrow more than $2.0 million from their bank to complete a project that will create or retain jobs in Lancaster County.
Allocation requests will be evaluated on a first-come, first-served basis, but priority will be given to projects that:
- Can close their bank financing before 12/31/2010
- Create or retain significant employment opportunities
- Incorporate reuse of underutilized or blighted buildings
- Support downtown revitalization in the County's boroughs, village centers, or the City of Lancaster
EDC Finance is also planning an information session for interested companies, developers, bankers, and others on February 19, 2010 from 7:30 a.m. - 9:00 a.m. at the Southern Market Center in Lancaster City. To register for this event please contact Janet Foster at 717-397-4046 or e-mail at jfoster@edclancaster.com.
For further initial information on the Recovery Zone Facility Bond Program, please visit the EDC Finance Corporation website at www.edcfinancecorp.com or call David Nikoloff, John Biemiller or Lyle Hosler at (717) 397-4046.
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