college township industrial development authority january 2016
DESCRIPTION
Economic Development Resource As an Issuing Authority and through various financial programs, the CTIDA collaborates with various partners throughout the Centre Region to promote and support business and economic development with specific emphasis on: Attracting and assisting new businesses Supporting the retention and expansion of existing businesses Creating and retaining jobs Supporting local resources and other groups providing business services and resources (CBICC, College Township, SCORE, SEDA-COG, SBDC)TRANSCRIPT
College Township Industrial Development Authority
January 2016
Encourage growth of new and existing businesses and industrial
groups in the Centre Region
Our Mission
Economic Development ResourceAs an Issuing Authority and through various financial programs, the CTIDA collaborates with various partners throughout the Centre Region to promote and support business and economic development with specific emphasis on:
Attracting and assisting new businesses Supporting the retention and expansion of existing
businesses Creating and retaining jobs Supporting local resources and other groups providing
business services and resources (CBICC, College Township, SCORE, SEDA-COG, SBDC)
History CTIDA was incorporated by the Department of State of the
Commonwealth of Pennsylvania on October 14, 1972. Based upon the provisions of the Industrial Development Authority Law (Act No. 102), approved August 23, 1967.
Initial Focus was as an Issuing Authority for Debt Financing.
College Township Council extended the CTIDA term of existence in 2004 for an additional 50 years to 2054.
Historic Highlights Over 175 businesses supported since 1972. Over $122,000,000 administered for funding of local development
and projects. Administrative fee income contributed to Centre Region for
installation of traffic lights, expansion of University Airport, and other infrastructure projects.
In 1989, CTIDA provided $200K loan to the CCIDC for the IDC Incubator.
In 1992, CTIDA purchased the building occupied by Centre Engineering (to avoid job losses in the region) and re-sold the building in 2007 to Channel Communications (WHVL-TV).
In 2007, CTIDA launched its current Loan Guarantee program. In 2015, CTIDA added Co-Lending program to available resource
offerings.
Past ClientsCorning Glass WorksVillage Inn Partnership
(Sheraton)Intercap, Inc. (Wendy’s)W. R. Hickey Beer Dist., Inc.Accu-Weather, Inc.Koch Funeral HomeLandmark DodgeWhitehill Lighting & SuppliesParkway Medical CenterState TheaterRadio Semiconductor, Inc. Stocker Chevrolet
McDonald’s (Hill‘s Plaza and Nittany Mall locations)
Tavern RestaurantLocus, Inc.Lemont Water CompanyMedical Arts BuildingErie Technological Products,
Inc.Health South (Rehab Hospital)College Centre I (office
building)Brookline Associates
(retirement village now known as Juniper)
Current ClientsElk Creek Café, restaurant and brewery
CTIDA provides partial loan guarantee, in financial partnership with Northwest Savings
Economic Benefits: Creation of local jobs and growth of local businessMulti-Use Retail Development, in collaboration with Keystone Real Estate Group
CTIDA provides administration services of grant funds from the PA Department of Community and Economic Development (DCED)
Economic Benefits: Creation of 200+ jobs West Arete, software development company
CTIDA provides partial loan guarantee, in financial partnership with Northwest Bank
Economic Benefits: Creation of local jobs and growth of local businessHomeland Manufacturing Services, Inc, technology manufacturing company
CTIDA provides partial loan guarantee, in financial partnership with AmeriServ Bank
Economic Benefits: Creation of local jobs and growth of local business
Gregory A. Scott, ChairEdward H. McFadden, Vice-ChairAnne H. Stuart, TreasurerSara C. Parks, PhD, SecretaryAlison Kurtz, Assistant SecretaryBenson Lichtig, DirectorRay Forziat, DirectorBill Sharp, Director
Legal Counsel: Stover, McGlaughlin, Gerace, Weyandt & McCormick, P.C.
Current Board Members
CommitteesFinance CommitteeAnne Stuart, Chair• Manage IDA assets• Develop/Maintain
relationships with banking and brokerage community
Marketing CommitteeRay Forziat, Chair• Please add responsibilities• Xyz
Loan CommitteeChair, • Manage Loan Guaranty and
Co-Lending programs• Collaborate with banks and
financial community to identify potential clients to support
• Evaluate potential clients and make recommendations to full board
Contact InformationGregory A. ScottEdward H. McFaddenAnne H. StuartSara C. ParksAlison Kurtz [email protected] 814.237.1586Benson LichtigRay ForziatBill Sharp