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Director:
Patrick Bokovitz
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Contact us:
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Predatory
Lending Initiative
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{DCD} Economic Development
U.S. Department of Housing and Urban Development’s Brownfields Economic Development Initiative (BEDI) and Section 108 Loan Program
The Brownfields Economic Development Initiative (BEDI) is a key competitive grant program that HUD administers to stimulate and promote economic and community development. BEDI is designed to assist with the redevelopment of abandoned, idled and underused industrial and commercial facilities where expansion and redevelopment is burdened by real or potential environmental contamination.
The purpose of the BEDI program is to spur the return of brownfields to productive economic use through financial assistance to public entities in the redevelopment of brownfields, and enhance the security or improve the viability of a project financed with Section 108-guaranteed loan authority. Therefore BEDI grants must be used in conjunction with a new Section 108-guaranteed loan commitment. Section 108 is the loan guarantee provision of the Community Development Block Grant (CDBG) program.
Chester County BEDI and Section 108 Loan Activities:
Project Name: French Creek Center
Developer: The Delta Organization/Phoenix Property Group (Walt Logan)
BEDI Grant: $2,000,000
Section 108 Loan: $4,000,000
Jobs to be Created: 172 jobs
Project Description: The Gateway at French Creek project (Completed) is the construction of a 33,500 square feet office building.
Project Location: French Creek Center in Phoenixville Borough.
Project Name: Coatesville Hotel and Office Building
Developer: Oliver Tyrone Pulver Corporation (Don Pulver)
BEDI Grant: $1,000,000
Section 108 Loan: $4,000,000
Jobs to be Created: 143 jobs
Project Description: The Coatesville Hotel and Office Building project will construct a 125-room hotel and a 90,000 square feet office building.
Project Location: Intersection of Route 82 and the 30 Bypass in the City of Coatesville.
Project Name: Uptown Worthington
Developer: O'Neill Properties Group / Malvern Hills Associates, L.P. (Brian O’Neill)
BEDI Grant application: $2,000,000
Section 108 Loan application: $5,000,000
Jobs to be Created: 200 jobs
Project Description: The Uptown Worthington project will construct a 112,000 square feet retail center within three separate buildings. Project Location: Worthington Steel site in East Whiteland Township.
Content Last Modified on 7/21/2010 4:15:58 PM
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