The Commonwealth of Pennsylvania has opened the Redevelopment Assistance Capital Program (RACP) “Business Plan Application” submission for 2014 with a deadline of Friday, February 7, 2014. RACP is a commonwealth grant program administered by the Office of the Budget for the acquisition and construction of regional economic, cultural, civic, recreational, and historical improvement projects. For a project to be eligible for consideration in the 2014 funding round, it must already be listed in a previously enacted Capital Budget Act.
An eligible project must first be “shovel-ready”, demonstrating site control, availability of match financing, and zoning approvals, among other factors. The project sponsor may then submit an application to the Commonwealth’s Office of the Budget (OB) presenting the scope of work, project costs, documentation of other financing sufficient to complete the project, anticipated construction schedule and other relevant project and organizational information. The application schedule, and information on upcoming information sessions about the program, is listed in the attached PDF.
The Commonwealth has stated that it will focus limited available capital funding on those projects that display significant potential for improving economic growth and the creation of jobs. The OB will require sufficient information and documentation indicating a project’s estimated economic impact and the potential for job creation. OB will expect all Business Plans to thoroughly discuss the regional and/or multi-jurisdictional economic impact of the project, including:
- Number of direct (permanent, non-construction) jobs created by the project
- Number of indirect (permanent) jobs created by support/supplier industries and secondary industries attracted by the project
- Average wage for direct and indirect jobs
- Economic circumstances of the host municipality’s and county’s population
- Project’s potential to enhance regional vitality
- Annual spending generated by the project during normal operations, excluding construction spending
- Annual spending that would be generated by support/supplier industries and secondary businesses attracted by the project
- Total state and local tax generation (payroll, sales, corporate, etc.)
- Benefit to regional population, either directly or indirectly, from the project as a result of its day-to-day operations
- Blighted area and/or facility elimination and/or reuse
For more information and to access the relevant application forms, visit http://www.portal.state.pa.us/portal/server.pt/community/redevelopment_assistance_capital_program/4602.
We ask that you please notify PIDC if you meet the submission criteria and intend to apply for a project located in Philadelphia. For any questions or for assistance in obtaining a list of enacted Capital Budget Acts and projects, please contact David Langlieb at email@example.com.