Lancaster City Redevelopment Authority Votes To Become Equity Investor In $4.8 Million Apartment Project

Map of Pennsylvania highlighting Lancaster County (Photo credit: Wikipedia)

Until recently, when real estate developers wanted an extra financial push to make a city redevelopment project viable, they turned to state officials.

But grant funding through the state’s Department of Community and Economic Development has all but dried up, and competition for the remaining funds is fierce.

On Tuesday, the Lancaster City Redevelopment Authority agreed to step into the gap to make a project happen.

Authority board members voted to become equity investors in a $4.8 million apartment construction project.

Read more: http://lancasteronline.com/article/local/839507_City-redevelopment-authority-votes-to-become-equity-investor-in–4-8-million-apartment-project.html#ixzz2QqlkDQLs

Developer Of Old Armorcast Site Wants Big Tax Break From Daniel Boone School District

Now that the former Armorcast factory in Birdsboro is demolished, the property owner and developers are hoping to also clear the unpaid real estate taxes.

Steve Marshall, a lawyer for Meco Demolition Inc. of Bensalem, Bucks County, asked the Daniel Boone School Board this week to waive or reduce real estate taxes from 2007 to 2011 for the 91-acre property.  Unpaid taxes owed to the district total about $86,000.

Owner Gregory Flynn of Armorcast LP hired Meco to demolish the dilapidated factory, which produced steel for tanks during World War II.

Read more:  http://readingeagle.com/article.aspx?id=444662

Brownfield Clean Up Project In Luzerne County Moves Forward

Image via Wikipedia

A large brownfield site in Luzerne County, the former site of Poseidon Pools’ factory, will be cleaned up and put on the market next year.  The 40-acre sight, in Wright Township, Luzerne County, is owned by the Greater Wilkes-Barre Development Corporation.  Poseidon pools filed for bankruptcy in 1998!

Soil remediation has already taken place using money from the state’s Industrial Sites Recovery Program.  A $1 million dollar grant has been procured from the Infrastructure Development Program to pay for demolition and clean up.

The property will be sold in one piece, not divided into parcels.