Bucks County Commissioners approve $2 million for business loans
Updated On: Jan 09 2014 07:23:04 AM CST
The Bucks County Commissioners approved a resolution with the Bucks County Industrial Development Authority to allocate $2 million from Community Development Block Grants and other assets to establish the 'Bucks Guaranteed'.
The program offers secured loans for major economic development projects for businesses.
In a meeting held Wednesday, Christopher Edwards, director of the Bucks County Commissioners' Office of Public Information said the 'Bucks Guaranteed' program guarantees Section 108 loans and other loans for large scale industrial projects.
An example of such a project is the reuse and revitalization of the former US Steel plant in Fairless Hills.
It is one of six programs comprising the entire 'Bucks 2 Invest' initiative which includes the 'Bucks Rebuilt'.
The goal of the 'Bucks Rebuilt' is the revitalization and revamping of abandoned or underused industrial and commercial sites.
Commissioner Diane Ellis-Marseglia commented that one of the major goals of the entire 'Bucks 2 Invest' program is to increase job opportunities throughout Bucks County.
Three other 'Bucks 2 Invest' programs include 'Bucks Renewed', designed to promote private investment in downtown districts, 'Taste and Tour Bucks' which assists county agriculturalists and tourism, and 'Innovation Bucks' a proposed entrepreneurial center for new business ventures.
The sixth program, explained Commissioners' Chairman, Robert Loughery, is the 'Venture Capital for Bucks County' (VC4BC) program which is a joint venture with Lehigh University's Ben Franklin Technology Partners.
Loughery added, however, that final details of the Ben Franklin partnership with Bucks will be released in greater detail in approximately two weeks.
In other business, the commissioners adopted a resolution asking the four Delaware River bordering states including Pennsylvania, New Jersey, Delaware, and New York to work on regulating the water levels of New York City's reservoirs flowing into the Delaware River.
The resolution specifically calls for implementing a flood reduction policy that mandates reducing water levels in New York reservoirs to 90 percent of maximum capacity thus alleviating Delaware River flooding along Bucks' river communities.
The resolution is the result of a 2007 Delaware River Flood Task Force two-year study that found keeping lower water levels in New York City reservoirs year-round reduced the risk of Bucks' flooding by allowing New York better opportunities to control downstream flooding during periods of heavy rain.
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