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Infrastructure and Facilities Improvement Program (IFIP)
BACKGROUND
IFIP is a grant program offered by the Commonwealth
of Pennsylvania to fund qualifying infrastructure projects by private
developers and certain companies in eligible industries.
USES
Eligible uses of funds include:
- Property Acquisition
- New construction
- Building Renovation/Improvement
- Infrastructure
- Remediation
- Project-related soft costs
FINANCING
The grant amount is determined by the Commonwealth and can
equal the incremental increase in Commonwealth tax revenue generated
by the project up to a maximum of $1,000,000 per year over ten years.
The grant amount is provided annually and is used by the developer to
pay debt-service associated with the project.
PROCESS AND TIMING
PIDC will assist in preparing applications and Commonwealth
authorization may take 90 – 120 days.
FEES
PIDC charges an administrative fee equal to 1 percent
of the grant amount. The first 25 percent of the fee is due upon executing
the Sub-Grant Agreement between PAID and the Sub-Grantee. The remaining
portion is paid in installments as the Sub-Grantee draws the funds
over the life of the project.
For more information, contact Susan Lowry, 215-496-8161,
slowry@pidc-pa.org .
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