Pa. May Pull Back On Funding For Redevelopment Projects

Map of Pennsylvania

Map of Pennsylvania (Photo credit: Wikipedia)

HARRISBURG — Pennsylvania’s most sweeping economic development programs could see a limited spending cap and permanent guidelines under a recently passed proposal.

The state’s Redevelopment Assistance Capital Program (often called “R-Cap”) provides grants with borrowed money for private projects pursued by municipalities and local agencies.

That could include hospital expansions, parking garages or community centers — any project with a cultural, civic or historical connection that could create jobs and be tied to economic development.

But the program is often criticized as a questionable source of ballooning debt.

RACP’s debt ceiling is $4.05 billion, about 10 times what it was when it was created in 1986.

Read more:  http://www.pottsmerc.com/article/20130224/NEWS03/130229703/pa-may-pull-back-on-funding-for-redevelopment-projects#full_story

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