HARRISBURG, Sept. 17, 2013 — Development Projects in the City of Reading will get a big boost with the approval today of more than $5 million in new investments for the Greater Berks Development Fund, and an additional $1 million for the Doubletree Hotel Project, Sen. Judy Schwank and Rep. Tom Caltagirone announced.
The investments, through the Commonwealth Financing Authority, are loans through the Building PA program.
“There are several exciting development projects, including the hotel project, moving forward in Downtown Reading,” said Schwank. “These important new investments will help keep the momentum going.”
“This investment of state funds is essential to our ongoing efforts to revitalize Reading,” said Caltagirone. “With the state’s support, we will be able to leverage additional private investment in our city.”
The Commonwealth Financing Authority had approved a $12 million loan to the Greater Berks Development Fund. Today’s approval by the authority increases that line to $17 million. The additional dollars will support development projects in Downtown Reading.
For the Doubletree Hotel project, the CFA’s approval similarly increases Building PA loan funds from $5 million to $6 million. The new support is from previously approved Building PA funds that were made available to Greater Berks for local development projects.
The Building PA Program provides capital to developers in small-to-mid-size communities for real estate assets. The funds can be used for industrial, commercial, and multi-use projects. The Greater Berks Development Fund is the Commonwealth-approved Building PA fund manager for Reading and Berks County.
###
Follow Sen. Judy Schwank on her website, Facebook, and Twitter.