PENNSYLVANIA INDUSTRIAL DEVELOPMENT AUTHORITY Maximum Loan Amounts and Participation and Interest Rates [26 Pa.B. 4958] The Pennsylvania Industrial Development Authority (PIDA) gives notice of the adoption of maximum PIDA loan amounts and PIDA participation and interest rates for loans approved by the PIDA Board of Directors. The maximum PIDA loan amounts and rates were adopted by the PIDA Board of Directors at its meeting held July 3, 1996, are effective as of that date, except as provided below, and will remain in effect until changed by a notice in the Pennsylvania Bulletin. The rates follow as Annex A.
Exceptions: (1) Projects located in any county or municipality in which the interest rate has increased or the participation rate has decreased will not be subject to the new rates until October 2, 1996.
(2) If the county's 5-year unemployment rate (average of the highest 5 of the last 10 years) is three percentage points or more than the 1995 unemployment rate, the 5-year unemployment rate will be used to determine the PIDA interest rate. This exception affects only the counties of Beaver, Fulton and Mercer resulting in a 3.75% interest rate.
The PIDA Board retains the right to waive or modify the rates, to the extent that such are not mandated by law, on a case by case basis for good cause shown.
Further information can be obtained from the Pennsylvania Industrial Development Authority, Room 481, Forum Building, Harrisburg, PA 17120, (717) 787-6245.
THOMAS B. HAGEN,
ChairpersonAnnex A PIDA Participation and Interest Rates for Counties and Municipalities* Over 25,000 Population Counties and Municipalities Maximum PIDA Participation Interest Rate** (S) % (L) ADAMS 40*** 30**** 6.75 ALLEGHENY 40*** 40*** 6.75 McKeesport City 40 40 3.75 Pittsburgh City 40 40*** 5.25 ARMSTRONG 40 40 3.75 BEAVER 40 40*** 3.75 BEDFORD 40 40 3.75 BERKS 40*** 40*** 6.75 Reading City 40 40*** 5.25 BLAIR 40 40*** 5.25 BRADFORD 40 40*** 5.25 BUCKS 40*** 40*** 6.75 Bensalem Twp. 40*** 40*** 5.25 Bristol Twp. 40 40*** 5.25 BUTLER 40*** 40*** 5.25 CAMBRIA 40 40 3.75 CAMERON 40 40*** 5.25 CARBON 40 40*** 3.75 CENTRE 30**** 30**** 6.75 CHESTER 40*** 30**** 6.75 CLARION 40 40 3.75 CLEARFIELD 40 40 3.75 CLINTON 40 40 3.75 COLUMBIA 40 40*** 5.25 CRAWFORD 40 40*** 5.25 CUMBERLAND 30**** 30**** 6.75 DAUPHIN 40*** 30**** 6.75 Harrisburg 40*** 30**** 5.25 DELAWARE 40*** 30**** 5.25 Chester City 40 40 3.75 ELK 40*** 40*** 5.25 ERIE 40 40*** 5.25 Erie City 40 40 3.75 FAYETTE 40 40 3.75 FOREST 40 40 3.75 FRANKLIN 40*** 30**** 6.75 FULTON 40*** 40*** 3.75 GREENE 40 40 3.75 HUNTINGDON 40 40 3.75 INDIANA 40 40 3.75 JEFFERSON 40 40*** 3.75 JUNIATA 40 40 3.75 LACKAWANNA 40 40*** 5.25 LANCASTER 30**** 30**** 6.75 Lancaster City 40*** 30**** 5.25 LAWRENCE 40 40*** 5.25 New Castle City 40 40 3.75 LEBANON 40*** 30**** 6.75 Lebanon City 40*** 30**** 5.25 LEHIGH 40*** 40*** 6.75 Allentown 40 40*** 5.25 LUZERNE 40 40*** 3.75 LYCOMING 40 40*** 5.25 Williamsport City 40 40 3.75 MCKEAN 40 40*** 5.25 MERCER 40*** 40*** 3.75 MIFFLIN 40 40*** 5.25 MONROE 40 40*** 5.25 MONTGOMERY 40*** 30**** 6.75 Norristown Boro. 40 30**** 5.25 Upper Dublin Twp. 40*** 30**** 5.25 MONTOUR 30**** 30**** 6.75 NORTHAMPTON 40*** 40*** 6.75 Easton City 40 40*** 5.25 NORTHUMBERLAND 40 40*** 5.25 PERRY 40*** 40*** 6.75 PHILADELPHIA 40 40*** 3.75 PIKE 40 40*** 5.25 POTTER 40 40*** 5.25 SCHUYLKILL 40 40*** 3.75 SNYDER 40*** 40*** 6.75 SOMERSET 40 40 3.75 SULLIVAN 40 40*** 5.25 SUSQUEHANNA 40 40*** 5.25 TIOGA 40 40*** 5.25 UNION 40*** 40*** 6.75 VENANGO 40 40*** 5.25 WARREN 40*** 40*** 6.75 WASHINGTON 40 40*** 5.25 WAYNE 40 40 3.75 WESTMORELAND 40 40*** 5.25 WYOMING 40 40*** 5.25 YORK 40*** 30**** 6.75 York City 40 30**** 5.25 *Municipalities are listed only if PIDA rate differs from County rate.
**Based on calendar year 1995 unemployment rate. Subject to change at discretion of PIDA Board.
(S) Small Business (Less than 50 existing employes, including parent, subsidiaries and affiliates.)
(L) Large Business.
Special Note: Projects located in designated enterprise zones, planning stage enterprise zones and financially distressed municipalities under Act 47 will receive loans at 3.75%. Companies designated as advanced tech firms will receive an interest rate 1% less than the area rate with a floor of 3.75%.
***10% Equity required.
****20% Equity required.
MID MON VALLEY (Fayette, Washington and Westmoreland Counties) PIDA Participation: 40%--Small Business
40%--Large Business
Interest Rate: 3.75%Allenport Fallowfield Twp. Roscoe Belle Vernon Fayette City Rostraver Twp. Bentleyville Finleyville Smithton Brownsville Forward Twp.* Speers Brownsville Twp. Jefferson Twp. Stockdale California Long Branch Twilight Carroll Twp. Monessen Union Twp. Charleroi Monongahela Washington Twp. Coal Center New Eagle West Brownsville Donora Newell West Newton Dunlevy North Belle Vernon West Pike Run Twp. Elco North Charleroi LOWER MON VALLEY (Allegheny County) PIDA Participation: 40%--Small Business
40%--Large Business
Interest Rate: 5.25%Braddock Homestead South Versailles Twp. Braddock Hills Jefferson Swissvale Chalfant Liberty Trafford Clairton Lincoln Turtle Creek Dravosburg McKeesport Versailles Duquesne Monroeville Wall East McKeesport Munhall West Elizabeth East Pittsburgh North Braddock West Homestead Elizabeth North Versailles Twp. West Mifflin Elizabeth Twp. Pitcairn Whitaker Forest Hills Pittsburgh White Oak Forward Twp.* Port Vue Wilkins Twp. Glassport Ranklin Wilmerding SHENANGO RIVER VALLEY (Lawrence and Mercer Counties) PIDA Participation: 40%--Small Business
40%--Large Business
Interest Rate: 5.25%Clark Jefferson Twp. Shenango Twp. Delaware Twp. Mahoning Twp. South Pymatuning Twp. Farrell Neshannock Twp. Union Twp. Greene Twp. New Castle West Middlesex Greenville Pulaski Twp. West Salem Twp. Hempfield Pymatuning Twp. Wheatland Hermitage Sharon Jamestown Sharpsville (Note: Any municipality located in Mercer County receives 3.75% interest rate.)
BEAVER VALLEY (Beaver County) PIDA Participation: 40%--Small Business
40%--Large Business**
Interest Rate: 3.75%Aliquippa Fallston New Brighton Ambridge Frankfort Springs New Galilee Baden Franklin Twp. New Sewickley Twp. Beaver Freedom North Sewickley Twp. Beaver Falls Georgetown Ohioville Big Beaver Glasgow Patterson Heights Bridgewater Greene Twp. Patterson Twp. Brighton Twp. Hanover Twp. Potter Twp. Center Twp. Harmony Twp. Pulaski Twp. Chippewa Twp. Hookstown Raccoon Twp. Conway Homewood Rochester Darlington Hopewell Twp. Rochester Twp. Darlington Twp. Independence Twp. Shippingport Daugherty Industry South Beaver Twp. East Rochester Koppel South Heights East Vale Marion Twp. Vanport Twp. Economy Twp. Midland West Mayfield Ellwood City Monaca White Twp. MOSHANNON VALLEY (Centre and Clearfield Counties) PIDA Participation: 40%--Small Business
40%--Large Business
Interest Rate: 3.75%Beccaria Twp. Bigler Twp. Boggs Twp. Bradford Twp. Brisbin Bor. Chester Hill Bor. Coalport Bor. Cooper Twp. Decatur Twp. Glen Hope Bor. Graham Twp. Gulich Twp. Houtzdale Bor. Irvona Bor. Jordan Twp. Knox Twp. Morris Twp. Osceola Mills Bor. Philipsburg Bor. Ramey Bor. Rush Twp. South Philipsburg Bor. Wallaceton Bor. Woodward Twp. *Forward Twp. is eligible for 3.75% interest and 40/40% participation.
**10% Equity required.
[Pa.B. Doc. No. 96-1725. Filed for public inspection October 11, 1996, 9:00 a.m.]
