|Posted:||December 12, 2017 01:45 PM|
|From:||Representative Tina M. Davis|
|To:||All House members|
|Subject:||Request for Co-sponsorship: Business for Our Sites Update - Plan for PA Bill Package|
|In the near future, I plan to introduce a bill that permits repayments from previous Business in Our Sites projects to be used to recapitalize more shovel-ready projects. This legislation is one facet of the Plan for PA package of bills.
The Business in Our Sites (BIOS) program was established in 2004 under the Commonwealth Financing Authority (CFA). Its goal is to assist communities in increasing the inventory of shovel-ready sites for business development, leading to the creation of jobs.
Initially, the CFA allocated $300 million in grant and loan funds for BIOS to prepare sites to accommodate businesses dedicated to job creation. Repayment of the loans are then used as an additional source to fund more projects.
My bill is needed in order to ensure the portfolio of shovel-ready sites meets demand. With this is mind, my legislation will bestow statutory authority to the CFA to use the existing portfolio of BIOS loans as security to borrow an additional $50-100 million from private markets. This debt will be repaid from existing loan repayments and new loans opened for further projects.
I hope you will consider joining me in support of this legislation and I thank you for your consideration.
Introduced as HB2255