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House Co-Sponsorship Memoranda
House of Representatives
Session of 2021 - 2022
Regular Session
MEMORANDUM
| Posted: | September 8, 2022 10:12 AM |
|---|---|
| From: | Representative Austin A. Davis and Rep. Nick Pisciottano |
| To: | All House members |
| Subject: | Renewing Industrial Investment and Land Redevelopment in Pennsylvania |
| From the lush mountains and rolling hills, to the river valleys and canyons in between, the diverse topography that makes Pennsylvania so beautiful also makes it a far more expensive place to develop industrial sites. As such, we will be introducing legislation to provide increased funding for the Business in Our Sites Program administered by the Commonwealth Financing Authority. This program, originally established with $300 million in 2004, provides grants and loans for the acquisition and development of key sites for future use by businesses, private developers, and others. As industrial parks often need to be developed on a speculative bases, this financial assistance will help offset the extraordinary costs of land development in Pennsylvania and enable us to be far more competitive with flatter states in the region. Our proposal would inject $375 million into this program, an investment that will lead to more manufacturing, job creation, and increased state revenue from income, sales, and other taxes. Please join us in helping all of our residents prosper by ensuring Pennsylvania becomes a more attractive and competitive state for industrial development in the region. Thank you for your consideration. |
Introduced as HB2894