Keystone
Redevelopment Group Receives $6 million from the State of
Pennsylvania Building PA Program
June 26, 2007
HARRISBURG – Governor Edward G. Rendell today said
the state will help build new businesses, create additional
new jobs and construct affordable housing with a $24 million
investment from its “Building PA” program. 
The money will be dispersed through seven
new regional fund managers, which were approved today by
the Commonwealth Financing Authority.
“Over the past four years, Pennsylvania
has become a top-tier site for businesses of all sizes and
industries due to targeted investments in every region of
the commonwealth,” Governor Rendell said. “We
created Building PA to help the state’s communities
attract and support adequate real estate projects to meet
the needs of a fast-changing economy.
The Building PA program provides $150 million
that must be matched by private investors and foundations.
The resulting $300 million then serves as much-needed “mezzanine”
capital for real estate developers committed to revitalizing
existing buildings and infrastructure, particularly in small
to mid-sized Pennsylvania communities. The program is one
of the 19 programs created under the Governor’s innovative
$2.8 billion economic stimulus package.
The Keystone Redevelopment Group will receive
$6 million for targeted investments in the older boroughs,
central business districts and manufacturing corridors of
Bucks & Montgomery Counties. The group’s primary
goal is to develop components of the fast-growing life sciences
industry – including the bio-medical, healthcare,
advanced materials and diversified manufacturing sectors
–by creating lab and research facilities that will
encourage first-stage and second-stage businesses in the
industry to start or relocate their operations in southeast
Pennsylvania.
Keystone Redevelopment Group was the only recipient from
Bucks County to receive funding from this round of the Building
PA Program.
“Building PA brings community stakeholders and private
investors together to develop practical and progressive
projects that will benefit both the residents and the economic
base of the region,” Governor Rendell said.
“Mezzanine capital is crucial because
hundreds of possible projects fail to get off the ground
every year in our state when the final financial support
on which the deal depends falls through, stranding Pennsylvania
investors, developers and the communities their projects
would revitalize,” the Governor said. “Building
PA was created to be the final piece of funding that turns
a potential project into a developing project.”
For more information on the Building PA Program
or other economic stimulus programs, visit www.newpa.com
or call 1-866-466-3972.
The Rendell administration is committed to
creating a first-rate public education system, protecting
our most vulnerable citizens and continuing economic investment
to support our communities and businesses. To find out more
about Governor Rendell's initiatives and to sign up for
his weekly newsletter, visit his Web site at: www.governor.state.pa.us.
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