Governor Wolf Announces $55 Million in Statewide Investments to Support Business Development and Infrastructure Projects
December 06, 2016
Harrisburg, PA – Governor Wolf today announced investments to support statewide economic development and infrastructure efforts and job creation through the Commonwealth Financing Authority, which today approved 94 projects totaling $55,068,228 in funding.
“The projects approved today through the Commonwealth Financing Authority will serve as a catalyst for other revitalization efforts,” Governor Tom Wolf said. “These funds will help communities and companies with projects that will improve the lives of Pennsylvania residents and further spur job growth and create new jobs.”
At today’s meeting, 94 projects in Allegheny, Armstrong, Berks, Bradford, Bucks, Butler, Carbon, Centre, Chester, Clearfield, Clinton, Crawford, Cumberland, Delaware, Franklin, Indiana, Juniata, Lackawanna, Lancaster, Lebanon, Lehigh, Luzerne, Lycoming, McKean, Monroe, Montgomery, Montour, Northampton, Northumberland, Philadelphia, Pike, and Schuylkill counties were approved for funding under Building PA, Local Share Account, and Multimodal Transportation Fund:
- Building PA (BPA) – Monroe County: $1,688,557 loan to Pocono Mountains Industries (PMI) on behalf of DK Stroudsburg LLC to assist with the modernization of the historic Penn Stroud Hotel, a full-service hotel and restaurant property that has been the centerpiece of the Stroudsburg Borough central business district for more than100 years. This project is expected to create 14 full-time and four part-time jobs over the next three years.
- Local Share Account (LSA) – Montgomery County: $479,671 in grants to support three LSA projects that encourage redevelopment or revitalization of developed or underdeveloped land, and projects that improve water and wastewater infrastructure related to business development in Montgomery County.
- Multimodal Transportation Fund – $52.9 million in grants to support 90 Multimodal projects to ensure the availability of safe and reliable transportation.
For more information about the CFA, or to view a complete list of CFA-approved projects, visit dced.pa.gov.
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