PENNSYLVANIA INDUSTRIAL DEVELOPMENT AUTHORITY Participation and Interest Rates [29 Pa.B. 3684] The Pennsylvania Industrial Development Authority (PIDA) gives notice of the adoption of PIDA participation and interest rates for loans approved by the PIDA Board of Directors. The rates, which were adopted by the PIDA Board of Directors at its meeting held June 2, 1999, are effective as of July 1, 1999, and will remain in effect until changed by a notice in the Pennsylvania Bulletin. The rates follow this notice as Annex A.
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.
The PIDA Board has also adopted the most recent Labor and Industry unemployment statistics and the following interest rate schedule, except as noted as follows:
Unemployment Rate Interest (Prior Calendar Year) Rate 5.8% and over 3.75% 3.9% to 5.7% 5.25% Under 3.9% 6.75% Exception: 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 the October 6, 1999 PIDA Board meeting.
The PIDA Board also removed the practice of excluding grants from the eligible project cost before determining the PIDA loan amount. This applies only to loans approved after July 1, 1999.
Further information can be obtained from the Pennsylvania Industrial Development Authority, Room 481, Forum Building, Harrisburg, PA 17120, (717) 787-6245.
SAMUEL A. MCCULLOUGH,
ChairpersonAnnex A PIDA PARTICIPATION AND INTEREST RATES FOR COUNTIES AND MUNICIPALITIES*
OVER 25,000 POPULATIONEffective July 1999 through June 2000 Maximum
PIDA
Interest Participation
Rate** (S) % (L)
% ADAMS 40 *** 30 **** 5.25 ALLEGHENY 40 *** 30 **** 5.25 McKeesport City 50 30 **** 3.75 ARMSTRONG 50 40 *** 3.75 BEAVER 40 *** 40 *** 5.25 BEDFORD 50 40 *** 3.75 BERKS 40 *** 30 **** 5.25 Reading City 50 30 **** 3.75 BLAIR 40 *** 40 *** 5.25 Altoona City 50 40 *** 3.75 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 50 40 *** 3.75 Johnstown City 50 50 3.75 CAMERON 50 40 *** 3.75 CARBON 50 40 *** 3.75 CENTRE 30 **** 30 **** 6.75 CHESTER 30 **** 30 **** 6.75 CLARION 40 *** 40 *** 3.75 CLEARFIELD 50 50 3.75 CLINTON 50 40 *** 3.75 COLUMBIA 40 *** 40 *** 3.75 CRAWFORD 40 *** 40 *** 3.75 CUMBERLAND (MSA) 30 **** 30 **** 6.75 DAUPHIN (MSA) 30 **** 30 **** 6.75 Harrisburg 40 *** 30 **** 5.25 DELAWARE 40 *** 40 *** 5.25 Chester City 50 40 *** 3.75 ELK 50 40 *** 3.75 ERIE 40 *** 40 *** 5.25 Erie City 50 40 *** 3.75 FAYETTE 50 40 *** 3.75 FOREST 50 50 3.75 FRANKLIN 30 **** 30 **** 5.25 FULTON 40 *** 40 *** 3.75 GREENE 50 50 3.75 HUNTINGDON 50 50 3.75 INDIANA 50 40 *** 3.75 JEFFERSON 50 40 *** 3.75 JUNIATA 50 40 *** 3.75 LACKAWANNA 40 *** 40 *** 3.75 LANCASTER 30 **** 30 **** 6.75 Lancaster City 40 *** 30 **** 5.25 LAWRENCE 40 *** 40 *** 3.75 New Castle City 50 40 *** 3.75 LEBANON (MSA) 30 **** 30 **** 6.75 Lebanon City 40 *** 30 **** 5.25 LEHIGH 40 *** 40 *** 5.25 LUZERNE 50 40 *** 3.75 LYCOMING 40 *** 40 *** 3.75 Williamsport City 50 40 *** 3.75 McKEAN 50 40 *** 3.75 MERCER 40 *** 40 *** 3.75 MIFFLIN 50 40 *** 3.75 MONROE 50 40 *** 3.75 MONTGOMERY 30 **** 30 **** 6.75 Norristown Boro 40 *** 30 **** 5.25 Upper Dublin Twp. 40 *** 30 **** 5.25 MONTOUR 30 **** 30 **** 6.75 NORTHAMPTON 40 *** 40 *** 5.25 NORTHUMBERLAND 50 40 *** 3.75 PERRY (MSA) 30 **** 30 **** 6.75 PHILADELPHIA 50 40 *** 3.75 PIKE 40 *** 40 *** 3.75 POTTER 50 40 *** 3.75 SCHUYLKILL 50 40 *** 3.75 SNYDER 40 *** 40 *** 5.25 SOMERSET 50 40 *** 3.75 SULLIVAN 50 40 *** 3.75 SUSQUEHANNA 40 *** 40 *** 3.75 TIOGA 40 *** 40 *** 5.25 UNION 30 **** 30 **** 6.75 VENANGO 40 *** 40 *** 3.75 WARREN 40 *** 40 *** 5.25 WASHINGTON 40 *** 40 *** 5.25 WAYNE 50 40 *** 3.75 WESTMORELAND 40 *** 40 *** 5.25 WYOMING 50 40 *** 3.75 YORK 30 **** 30 **** 6.75 York City 40 *** 30 **** 3.75 * Municipalities are listed only if participation or interest rate differs from County rates. ** Based on calendar year 1998 unemployment rate. Subject to change at discretion of PIDA Board. (S) Small Business (Less than 50 existing employees, including parent, subsidiaries and affiliates.) (L) Large Business. MSA Metropolitan Statistical Area (Cumberland, Dauphin, Lebanon & Perry) Special Note: Projects located in designated enterprise zones, planning stage enterprise zones, financially distressed municipalities under Act 47, Federal empowerment zones, Federal enterprise communities, Keystone Opportunity Zones, and brownfield sites will receive loans at 3.75%. Companies designated as advanced tech firms will receive an interest rate of 4.25% or 3.75% depending on the location of the project (for example, if area rate is 5.25% or 6.75%, the interest rate will be 4.25%).
*** 10% Equity required
**** 20% Equity requiredFinancially Distressed Municipalities Under Act 47* Aliquippa City
Beaver CountyBraddock Borough
Allegheny CountyChester City
Delaware CountyClairton City
Allegheny CountyDuquesne City
Allegheny CountyEast Pittsburgh Borough
Allegheny CountyFarrell City
Mercer CountyFranklin Borough
Cambria CountyHomestead Borough
Allegheny CountyJohnstown City
Cambria CountyMillbourne Borough
Delaware CountyNorth Braddock Borough
Allegheny CountyRankin Borough
Allegheny CountyScranton City
Lackawanna CountyWilkinsburg Borough
Allegheny CountyFederal Empowerment Zones* Portions of Pittsburgh and Philadelphia
Federal Enterprise Communities* Portions of Harrisburg, Dauphin County
Portions of Lock Haven, Clinton County*Eligible for 3.75% Interest Rate
[Pa.B. Doc. No. 99-1113. Filed for public inspection July 9, 1999, 9:00 a.m.]
