Today, July 15, 2010, Wayne County has been declared a recovery zone by the Wayne County Commissioners, making recovery zone bond financing available for Wayne County Projects. Recovery Zone Facility Bonds were created as part of the American Recovery and Reinvestment Act of 2009 to stimulate the economy by making below-market financing available for private business projects across the country.
Wayne County’s allocation of recovery zone facility bonds is $ 2,064,000. Recovery Zone Bonds are a new type of private activity bond, already authorized by the Internal Revenue Code of 1986. Pennsylvania Economic Development Financing Authority (PEDFA) will be the issuer of these bonds for Wayne County Projects and WEDCO will act as the Applicant/Agent for these project. Eligible uses of the funds include purchasing real estate, renovating a building, or purchasing machinery and equipment. Borrowers will be required to obtain a letter of credit to secure the bonds. The tax-exempt nature of these bonds affords borrowers a below-market interest rate.
If more eligible requests for funding are submitted than the allocation can cover, WEDCO will rank complete requests for bond financing according to their economic impact to prioritize the requests. Factors that will be considered include jobs created, wage levels, and the generation of new revenue streams within the County and completeness of the application. Interested applicants need to contact WEDCO no later than Friday August 13, 2010. More information concerning this project will be available from WEDCO as the guidelines are finalized. A press release is expected from WEDCO next week.
The Wayne County Commissioners are excited to be able to provide this opportunity to assist private development within our County. Although Congress may extend the program deadline, at this time all recovery zone bonds must be issued by December 31, 2010. If you have a project that may qualify or if you need additional information concerning the Recovery Zone Bond Program, please contact WEDCO at 570-253-5334 or info@wedcorp.org.
|
