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HUD   >   Program Offices   >   Community Planning and Development   >   Economic Development   >   Economic Development Programs   >     >   FY2002 BEDI Funding Announcements   >   FY2002 BEDI Funding Announcements - Pennsylvania
FY2002 BEDI Funding Announcements - Pennsylvania

Pennsylvania

Chester County will receive $2 million of BEDI funds and $4 million in Section 108 loan funds to assist in the remediation and site preparation of a brownfield site as part of the French Creek Center project. The project is located on the former Phoenix Steel Plant and entails waterfront, commercial and retail development in the Borough of Phoenixville. The French Creek Center Project is expected to create 200 new jobs. The County will use both the BEDI grant and the Section 108 loan for remediation and site preparation. Leveraging of public resources is estimated at $3.1 million and the total project costs are estimated to be $60 million.

Pittsburgh will receive $1.5 million of BEDI funds and $4.5 million in Section 108 loan funds to assist in the redevelopment of a brownfield site on the South Side Works Project. The City will construct a five level, 810-space parking garage, which will support the Quantum Two office building and a retail, restaurant and entertainment complex. The City will use the BEDI and the Section 108 loan for construction of the parking facility. Total project costs are estimated to be $13 million.

Reading will receive $1.1 million of BEDI funds and $3.5 million in Section 108 loan funds to assist in the redevelopment of a brownfield site to create a 65,000 square foot office building as the operations center for the Sovereign Bank. The City will use the BEDI and the Section 108 loan guarantee for construction. The Sovereign Bank Project is expected to create 150 new jobs for the community. The City expects this project to generate an additional $4.9 million in other private investment. Total project costs are estimated to be $10 million.