Welcome to BerksIDA’s Quarterly Newsletter, where our goal is to ensure that Berks County leaders in government, economic development, non-profit and land
development work are aware of our resources and offerings. Each quarter, our newsletter will highlight current projects and the services we provide. By keeping our readers up-to-date with our progress, we hope to open a channel of communication for those who can benefit from our skills.
BerksIDA offers resources in several areas:
Site development – if you have sites that keep getting overlooked by the private sector or are too complicated or expensive to develop yourself, consider working with us. BerksIDA directly developed or indirectly partnered to develop over 1,000 acres and 5 million square feet of industrial, commercial and mixed-use projects within Berks County. Our most recent project, Berks Park 183 is redeveloping a defunct WWII base into a 55-acre campus able to accommodate 816,000 square feet of light to medium industrial space.
Financing – we are a low-cost technical resource for tax exempt financing and tax- increment financing for projects in Berks County. BerksIDA in recent years facilitated financing for many of the County’s most impactful projects, from the attraction of Cabela’s and redevelopment of Exeter Commons to financing for Unique Pretzels, Tower Health, and the Highlands of Wyomissing.
BerksIDA is currently actively developing Tax Increment Financing (TIF) for a 55+ housing development in Amity Township. The project, adjacent to the Arrowhead Golf Course, requires $5 million in infrastructure funding through TIF financing. This investment will not only create 300 new houses, generate over $100 million in private
investment and create hundreds of construction jobs, but it will also drive vital utility infrastructure into a ~600-acre section of the township zoned for professional, business and office use.
Bridge financing – BerksIDA offers a way to bridge timing delays in development projects. Programs such as new market tax credits, opportunity zones and RACP funding may face delays. BerksIDA offers ways to provide funding today. When the former AW Golden Cadillac dealership site in Reading faced forced bankruptcy proceedings, BerksIDA worked with a local developer to keep the project from being delayed, allowing the site to proceed with redevelopment. Using IDA bridge financing, new market tax cre its, and private investment, the site now hosts nearly 200 retail jobs and a grocery store in a part of Reading that was previously a food desert. Without IDA intervention, it is safe to say the site would still be vacant today.
Contact us to find out more or to discuss your own needs.