B U C K S C O U N T Y
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- Kristin Maxwell
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1 B U C K S C O U N T Y
2 Robert G. Loughery Chairman Charles H. Martin Vice Chairman Diane M. Ellis-Marseglia, LCSW Brian Hessenthaler Chief Operating Officer Lynn T. Bush County Chief Clerk Executive Director, Planning Commission
3 The Bucks County Board of Commissioners introduced a new initiative to focus County resources on ensuring continued and expanded economic prosperity in Bucks County titled Bucks 2 Invest. As part of this initiative, the County Commissioners directed the Bucks County Industrial Development Authority to administer several financing programs: Bucks Guaranteed, Bucks Rebuilt, Bucks Renewed, Core Industry Fund, New Economy Fund, and Taste & Tour Bucks County. An additional financing program, VC4BC a venture capital fund, is administered in cooperation with the Ben Franklin Technology Partners of Southeastern PA. The following document provides guidance on the County s financing programs as well as information about the Bucks County Industrial Development Authority. You will find guidelines for each program as well as an application form for access to the low-interest loan funds available through the County s Bucks 2 Invest program. 1
4 WHAT WE DO The Bucks County Industrial Development Authority (BCIDA) is Bucks County s lead economic development agency and is directed by the Bucks County Board of Commissioners. We administer the economic development initiatives of the County Commissioners and work in partnership with many for- and not-for-profit organizations to support local businesses, enterprises, and entrepreneurs to locate, grow, and expand their businesses through a wide range of support services. A critical component of our mission is to provide qualified businesses with below market rate financing to grow and expand their operations and to create and retain family sustaining jobs. This includes, but is not limited to, land and building acquisition, site preparation and improvements, machinery and equipment purchases, working capital loans and financing for certain "soft costs" associated with larger scale development projects. The BCIDA also serves as a clearing house and One-Stop-Shop in linking businesses with other financial and technical resources available throughout Bucks County and the State. ABOUT US History The Bucks County Industrial Development Authority (BCIDA) was established in 1967 and since that time has been a leader in providing tax free financing to hundreds of industrial and manufacturing enterprises accounting for billions of dollars in new private investment and thousands of family sustaining jobs. In its capacity as the lead coordinator of economic development within the county, it has assisted in facilitating millions of dollars of Pennsylvania Industrial Development Authority (PIDA) financing, frequently as part of a larger financing package. It has also worked closely with the county s Redevelopment Authority in the designation of redevelopment areas, the success of the state supported Enterprise Zone Program and in the successful redevelopment of brownfield sites throughout the county. Currently, the BCIDA has nearly $10 million in federal and local loan funds under management. Board of Directors The Board of Directors is comprised of five members, each appointed by the Bucks County Board of Commissioners on a rotating schedule, serving five year terms. It is their responsibility to guide and direct the BCIDA in a way that promotes the growth of new and expanding businesses and family sustaining job creation throughout Bucks County. Mary K. Smithson, Chairman Bucks County Clerk of Courts since January 1996, Ms. Smithson has been affiliated with numerous professional and government organizations such as the Bucks County Records Improvement Committee and the St. Mary Medical Center Foundation. Pasquale T. Deon A Bucks County leading service-industry entrepreneur and restaurateur involved in real-estate development, radio broadcasting, and beverage distribution. Mr. Deon currently serves as Secretary-Treasurer of the Pennsylvania Turnpike Commission as well as the Chairman of the board for the Southeastern Pennsylvania Transportation Authority (SEPTA). 2
5 Michael J. Mabin President/CEO of PennFab, Inc. one of the region's most recognized Quality Metal Fabricators located in Bensalem, Bucks County. Stephen Worth President/CEO of Worth & Company, Inc., one of the most respected, full-service mechanical contracting companies in the Mid-Atlantic region located in Doylestown, Bucks County. Jennifer L. Yori Ms. Yori has been the Tax Collector for Lower Southampton Township since Our Staff Jorden P. (Pete) Krauss Executive Director Mr. Krauss has more than three decades experience in both the public and private sectors in designing, introducing and promoting a broad array of groundbreaking community and economic development initiatives, including the nationally recognized Pennsylvania Main Street Program and the Pennsylvania Enterprise Zone Program. Christine Mandes Executive Assistant Ms. Mandes, a resident of Bucks County, brings 20 years of excellent administrative experience to the IDA since its move to their new offices in Doylestown Township. Partners The BCIDA works with a broad array of partners in support of its mission of business growth and job creation. This includes coordinating efforts with related economic and community development agencies such as the Redevelopment Authority of the County of Bucks, and the county s nationally recognized Planning Commission to identify additional financial and technical resources new and expanding businesses may need to achieve their goals. We also work with the Chambers of Commerce in Lower, Central, and Upper Bucks County as well as with many of the local lenders in providing gap financing to enable businesses to secure the total funding they need for new investments. Another important partner is the Bucks County Community College, who s Department of Continuing Education, along with the county s Workforce Investment Board, allows us to match job training resources with the job creating needs of businesses looking to make new hires. This assistance ranges from certificate programs, to potential employee screening, to on-the-job and customized job training. An exciting new partner is the Ben Franklin Technology Partnership of Southeast Pennsylvania (BFTP/SEP). Working with Bucks County, this national leader in providing venture capital to new and expanding advanced technology firms will now match $2 million in state venture capital funds, with $2 million from a venture capital pool in the county s portfolio toward Bucks County based technology and advanced manufacturing firms. 3
6 OUR SERVICES Overview The Bucks County Industrial Development Authority serves as a clearing house, partner, and lender for businesses located in or seeking to start-up or expand in Bucks County. Whether your business is seeking to locate the ideal site, develop or redevelop land or buildings, needs money for working capital or machinery and equipment or to hire, train or retrain workers, we can help. Direct Resources The Bucks County Industrial Development Authority has nearly $10 million in discount financing under management in six distinct program funds directly administered for the County by our agency that can help your business grow and expand. One additional program, VC4BC is administered in partnership with the Ben Franklin Technology Partners of Southeastern, PA. The IDA also provides tax free financing as well. Available funding programs are listed and described below: Bucks Guaranteed Bucks Rebuilt Bucks Renewed Core Industry Fund New Economy Fund Taste & Tour Bucks County Tax Free Financing VC4BC (Venture Capital for Bucks County) Bucks Guaranteed In order to foster increased bank lending and leverage increased private investment in both equity and debt while reducing capital outlays from public financing programs, where demand traditionally outstrips available resources, Bucks County established a loan guarantee program backed by funds held by the various county economic development agencies or lenders. The program will target companies in the county that have a clear and demonstrated competitive advantage to grow and expand while providing workers with good jobs at living wages. Examples of acceptable uses for this program include reuse of greyfield and brownfield sites that require remediation as well as Main Street and downtown redevelopment related to smart growth; improvements to critical infrastructure, and related activities. Bucks Rebuilt The Bucks Rebuilt program focusses on restoring abandoned, underutilized, and unutilized industrial and manufacturing property to productive use. These types of loans will be used to target public resources to the redevelopment of properties in developed areas already well served by roads, rail, infrastructure and utilities and, where possible, public transportation. To reduce the pressure on Bucks County s remaining open spaces, natural resources, and scenic areas by concentrating redevelopment efforts on such sites as opposed to supporting greenfield development. Up to $500,000 may be invested in such projects at below market interest rates to a developer, municipality, or other eligible not-for-profit entity. Bucks Renewed The Bucks Renewed program was designed to leverage new investment in downtowns and Main Streets throughout Bucks County. The program will focus on rehabilitation and renewal of critical commercial, and where practicable, historic sites and local infrastructure that can spur renewed economic activity in our downtown areas. Up to $500,000 may be invested in such projects at below market interest rates to a developer, municipality, or other eligible not-for-profit entity for such purposes. 4
7 Core Industry Fund The Core Industry Fund has been established to provide direct financial resources to the entrepreneurial community, and small and medium sized businesses. The Fund will also focus on projects, initiatives, and investments that match workers to family sustaining jobs. Bucks County already possesses a pool of talented and skilled workers. By partnering with the Bucks County Community College, the Workforce Investment Board, technical schools, and four year academic institutions, borrowers will have access to assistance that will help them identify and hire qualified workers and train and retrain new and current workers in order to continually expand our pool of technical workers. In particular, funds will be made available to businesses seeking to grow and expand their enterprises in a way that incorporates the hiring of low to moderate income employees. The maximum loan amount may not exceed $400,000, except in cases which represent unique high wage and substantial job creation or result in the redevelopment of a major unutilized or underutilized site. New Economy Fund The purpose of the New Economy Fund is to direct public sector investments into private/public partnerships that promote new family sustaining jobs in areas where Bucks County enterprises have a competitive and comparative economic advantage, which absent public sector support would not otherwise occur or would not occur in as timely a fashion. Taste & Tour Bucks County The Taste & Tour program will provide low interest financing to help support agri-business and tourism communities as well as family-owned farms, farmer s markets, and the hospitality industry in Bucks County. Tax Free Financing The Bucks County Industrial Development Authority (BCIDA) can provide capital financing for manufacturing companies, exempt facilities and non- profit organizations, through its Industrial Revenue Bond and Mortgage Program, either through tax free mortgages for smaller projects or a stand-alone bond issue for larger ones. Both of these approaches can significantly reduce the borrowing costs of the borrowers. The Revenue Bond and Mortgage program can prove an attractive mechanism for financing new business and related expansions. But the program is governed by federal statute, so it is important to work closely an experienced and qualified team to do it right. Fortunately the BCIDA has nearly 40 years experience in raising hundreds of millions of dollars for qualified applicants through this program. These funds can be used for a wide array of purposes including Includes acquisition, site preparation and, infrastructure improvements, building construction, new machinery and equipment and the closing and soft costs traditionally associated with such projects. While there is no minimum size for tax-exempt mortgages or bonds, it is generally not economical to issue bonds for amounts under $1,000,000. Amounts under $1,000,000 can be funded through a tax-exempt mortgage however. The maximum size for a manufacturing project is $10 million. This cap does not apply to non- profits, which include such enterprises as nursing homes, health care facilities and educational facilities, or tax exempt facilities which include such things as solid waste disposal facilities, docks, hazardous waste disposal facilities, sewage facilities, and water and electricity furnishings facilities. Job creation is also required, with the both new and existing full-time permanent jobs, at the project site, being counted for this program. Existing jobs include jobs which will be transferred to the project site. Tax-exempt manufacturing projects must retain or create, within three years of the financing one full-time permanent job for every $50,000 of financing requested. Non-profit and exempt facility projects must retain or create, within three years of the financing, a total of at least ten full-time permanent jobs per financing. 5
8 VC4BC VC4BC (Venture Capital for Bucks County) is a partnership between the Bucks County Retirement Board and Ben Franklin Technology Partners of Southeastern, PA to invest $4 million in emerging and growing companies, located in or willing to locate in Bucks County, who are developing and commercializing advanced technologies. All VC4BC investment opportunities are evaluated through Ben Franklin s highly regarded, technology sector-specific review process, using many of the region s top technology experts and early stage investors. For additional information about applying to the VC4BC program, please contact the BCIDA or Terry Hicks, Vice President of the Investment Group for Ben Franklin, terry@sep.benfranklin.org, x3799. Additional Information For additional information about the Bucks County Industrial Development Authority or the County s financing programs, please contact: JORDEN P. (PETE) KRAUSS Executive Director 11 Welden Drive, Suite 100 Doylestown, Pennsylvania P F jpkrauss@buckscountyida.com OR MARGARET A. M c KEVITT Coordinator Economic Development & Planning Services Bucks County Planning Commission 1260 Almshouse Road Doylestown, Pennsylvania P F mamckevitt@co.bucks.pa.us 6
9 BUCKS REBUILT 2013 Loan Program Application Guidelines This document provides instructions for completing Bucks Rebuilt Loan Program applications. For additional information on this program and others please contact the Bucks County Industrial Development Authority at
10 BUCKS REBUILT APPLICATION GUIDELINES Program Overview The purpose of the Bucks Rebuilt program is to accomplish the following objectives: A. To restore, abandoned, underutilized and unutilized industrial and manufacturing property to productive use. B. To target public resources to the redevelopment of properties in developed areas already well served by roads, rail, infrastructure and utilities and, where possible, public transportation. C. To reduce the pressure on Bucks County s remaining open spaces, natural resources, and scenic areas by concentrating redevelopment efforts on such sites as opposed to supporting greenfield development. Applicant and Funding Eligibility Bucks Rebuilt Investments (BRI) will be limited to support for the acquisition, demolition, site clearance, infrastructure improvements and where possible, environmental clean-up of abandoned, underutilized and unutilized industrial, and manufacturing property. Up to $500,000 may be invested in such projects at below market interest rates to a developer, municipality, or other eligible not-for-profit entity. In no case can BRI funds represent more than 40 percent of total project costs. The length of the loan and the other terms will be subject to negotiation with the Bucks County Industrial Development Authority (BCIDA). Funds will be awarded by the BCIDA in cooperation with the County of Bucks. Project Eligibility Funds from this program can be used to: Acquire land and buildings Demolish abandoned, underutilized or unutilized buildings Site clearance Infrastructure improvements, including utilities, water, sewer, access roads and parking Environmental remediation, but only as part of an overall development project Eligible Uses Funds from this fund can only be used for hard costs associated with project development, for example: land and building acquisition, demolition, site clearance, infrastructure improvements, or similar investments. Soft costs, such as engineering, planning, legal, consulting, closing or similar costs must be borne by the borrower. Project Narrative Eligible applicants must submit a project narrative which describes why the funds are needed, how they will be used, and the measurable benefits that will result. The following information must be included in the Project Narrative: Application Completion of the BCIDA Loan Fund Application. Application Guidelines Page 1 of 2 09/2013
11 BUCKS REBUILT APPLICATION GUIDELINES Public Purpose This component must detail how the community as a whole benefits. Statement of Community Support A public meeting must be held at a convenient time so that the general public can attend, in order that affected residents have an opportunity to discuss the project and its effects. While this meeting must be separately advertised and conducted, it may be held either before or after a regularly scheduled municipal meeting. Project Budget Narrative Provide a narrative description of each budget line item, as found in the BCIDA Loan Fund Application addressing each line by funding source. Only costs associated with this project should be included in the budget. Municipal Resolution from the Local Government For applicants that are not local governments including all non-profit organizations and authorities. Evidence of Matching Funds Evidence of matching funds can be demonstrated in the form of award letters from federal and state agencies, commitments from financial institutions, private equity, and local government commitments. Project Map Map(s) of sufficient size and quality to describe the project location with regard to the nature of the application. Project Timeline Provide a project timeline that tracks the key activities and the dates necessary to achieving the project s goals and objectives. Cost Estimates Provide an estimate of how much the project will cost. The estimate should be on the letterhead of a credible third party, such as an engineer, private developer, or general contractor. Application Guidelines Page 2 of 2 09/2013
12 BUCKS RENEWED 2013 Loan Program Application Guidelines This document provides instructions for completing Downtown Revitalization Loan Program applications. For additional information on this program and others please contact the Bucks County Industrial Development Authority at
13 BUCKS RENEWED APPLICATION GUIDELINES Program Overview The Downtown Revitalization program was designed to leverage new investment in downtowns and Main Streets throughout Bucks County. The program will focus on rehabilitation and renewal of critical commercial, and where practicable, historic sites and local infrastructure that can spur renewed economic activity in our downtown areas. The goals of the program are: A. To preserve and strengthen the historic and organic nature of our downtown centers by promoting and supporting our existing retail, commercial, and cultural enterprises. B. To improve quality of life by making traditional downtowns more attractive as a place where residents and guests come to live, work, and visit. C. To act as a catalyst for small business development, in order to increase employment and tax revenues in traditional downtown locations. D. To utilize a comprehensive planning and management process that will accomplish the following: 1. Establish a strong relationship between local merchants, residents, and businesses as well as civic leaders. 2. Ensure that development projects funded with public and private monies result in lasting improvements that are part of a larger mission to make a meaningful difference in the economy of the downtown area. Applicant and Funding Eligibility Generally, Downtown Revitalization Investments (DRI) will be limited to renovations to a significant downtown building, or a project that represents core improvements in a well thought out downtown revitalization plan. Up to $500,000 may be invested in such projects at below market interest rates to a developer, municipality, or other eligible not-for-profit entity for such purposes. In no case can DRI funds represent more than 40 percent of total project costs. The length of the loan and the other terms will be subject to negotiation with the Bucks County Industrial Development Authority (BCIDA). Funds will be awarded by the BCIDA in cooperation with the County of Bucks. Project Eligibility Funds from this program can be used to: Acquire, adapt, restore, and/or revitalize a building of significant commercial, historic, or cultural value. Make infrastructure or site improvements that will improve access, use, or viewscapes which will result in a demonstrable improvement to the downtown experience. Undertake innovative investments, such as the re-purposing of alleyways or the backs of buildings to provide a second front door for downtown consumers and guests. Assist in financing a façade improvement fund, but only for occupied buildings that are already engaged in commercial enterprises, where the improvements are part of an overall merchandizing and revitalization plan, and where there is a 4 to1 private to public dollar match in funding. Application Guidelines Page 1 of 2 07/2013
14 BUCKS RENEWED APPLICATION GUIDELINES Assist in financing investments in upper stories of downtown commercial buildings that will result in an income stream for merchants and affordable housing or other commercial uses which will strengthen the downtown economy. Examples for Use of Funds Eligible (Hard Costs) Building acquisition Interior demolition Building improvements Infrastructure Façade Site improvements Ineligible (Soft Costs) Engineering Planning Legal Consulting Project Narrative Eligible applicants must submit a project narrative which describes why the funds are needed, how they will be spent, and the measurable benefits that will result. The information must be included in the Project Narrative: Public Purpose This component must detail how the community as a whole benefits. Statement of Community Support A public meeting must be held at a convenient time for the general public to attend, in order that affected residents have an opportunity to discuss the project and its effects. While this meeting must be separately advertised and conducted, it may be held either before or after a regularly scheduled municipal meeting. Project Budget Narrative Provide a narrative description of each budget line item, addressing each line by funding source. Only costs associated with this project should be included in the budget. Municipal Resolution from the Local Government For applicants that are not local governments including all non-profit organizations and authorities. Evidence of Matching Funds Evidence of matching funds can be demonstrated in the form of award letters from federal and state agencies, commitments from financial institutions, private equity, and local government commitments. Project Map Map(s) of sufficient size and quality to describe the project location with regard to the nature of the application. Project Timeline Provide a project timeline that tracks the key activities and the dates necessary to achieving the project s goals and objectives. Cost Estimates Provide an estimate of how much the project will cost. The estimate should be on the letterhead of a credible third party, such as an engineer, private developer, or general contractor. Application Guidelines Page 2 of 2 07/2013
15 CORE INDUSTRY FUND 2013 Loan Program Application Guidelines This document provides instructions for completing Core Industry Fund Loan applications. For additional information on this program and others please contact the Bucks County Industrial Development Authority at
16 CORE INDUSTRY FUND APPLICATION GUIDELINES Program Overview The Core Industry Fund has been established to provide direct financial resources to the entrepreneurial community, and small and medium sized businesses. Of the 31,660 individual employers in Bucks County, 27,000 employers have fewer than 20 employees, or roughly 85 percent of all Bucks County businesses. Many of these businesses are in the high projected growth areas. Unless a concerted effort is made to target these businesses, identify their specific needs, and address those needs, Bucks County is in danger of losing the baseball equivalent of its economic farm team. The Fund will also focus on projects, initiatives, and investments that match workers to family sustaining jobs. Bucks County already possesses a pool of talented and skilled workers. By partnering with the Bucks County Community College, the Workforce Investment Board, technical schools, and four year academic institutions, borrowers will have access to assistance that will help them identify and hire qualified workers and train and retrain new and current workers in order to continually expand our pool of technical workers. In particular, funds will be made available to businesses seeking to grow and expand their enterprises in a way that incorporates the hiring of low to moderate income employees. Core Industry Fund Investments Financing from the Fund will generally focus on the following types of lending: Building and/or site acquisition Machinery and equipment Working capital Inventory The maximum loan amount may not exceed $400,000, except in cases which represent unique high wage and substantial job creation or result in the redevelopment of a major unutilized or underutilized site, as determined by the Board of Directors of the Bucks County Industrial Development Authority (BCIDA). Acceptable repayment terms will generally be no greater than a 10-year balloon and 20-year amortization for building and/or site acquisition and a 7-year term with a 5-year balloon for machinery and equipment. For working capital, including training and export assistance, the term will be 5-years with a 3-year balloon, except that upon review and recommendation of the Loan Review Committee and approval of the BCIDA Board, these repayment provisions may be modified. Inventory loans will be no longer than 18 months. The interest rate charged will be negotiated based on underwriting risks and financial strength of the applicant, but all loans will be below the prime rate as published in the Wall Street Journal and not greater than the rate available through the Pennsylvania Industrial Development Authority (PIDA) program. The BCIDA is responsible for diligently reviewing the business information it receives, including the collateral available for a given loan. The BCIDA will review the financial statements, business plan, and all other necessary information with respect to the borrower in order to conduct a prudent and reasonable assessment of the borrower's ability to repay the loan. The applicant must agree that the loan will result in one new job created and/or retained for each $35,000 of funds borrowed. And that 51 percent of the jobs created through this program will be made available to low and moderate income individuals. For the purposes of this Fund, a low income person is one earning $27,750 a year and a moderate income person is one earning $44,350 per year. (Note: These numbers are updated on an annual basis.) Certain exceptions are permitted, where the applicant meets other critical public policy objectives, such as acquiring and/or demolishing a blighted building or acquiring a blighted site that will be cleared, cleaned and renewed. Application Guidelines Page 1 of 2 11/2013
17 CORE INDUSTRY FUND APPLICATION GUIDELINES Funding Eligibility Funds from this program can be used to: Acquire land and buildings Demolish abandoned, underutilized, or unutilized buildings Site clearance Infrastructure improvements including utilities, water, sewer, access roads, and parking Environmental remediation only as part of an overall development project Machinery and equipment financing Working capital loans Eligible Uses Funds from this fund can be used for hard costs associated with project development, for example: land and building acquisition, demolition, site clearance, infrastructure improvements, or similar investments as well as certain soft costs, such as engineering, planning, legal, consulting, closing or similar costs in projects that include acquisition, demolition and/or construction. Project Submission and Approval Eligible applicants must submit a completed BCIDA Loan Fund Application along with all required appendices in order for the BCIDA s Loan Review Committee to underwrite the proposed project. Once this has been completed and the loan has been recommended to and approved by the full BCIDA Board of Directors, the following steps will occur: Notice of Award The Executive Director, acting on behalf of the BCIDA Board of Directors, will notify the applicant of the approved loan. Loan Documentation Counsel for the BCIDA shall prepare appropriate loan documentation which may include loan agreements, promissory notes, and security documents such as mortgages or security agreements with UCC filings, guarantees, title insurance and/or assignment of life insurance. Repayment Schedule The loan documentation shall include the agreed upon repayment schedule. Evidence of Permits, etc. Documentation must be provided by the applicant that all necessary permits, licenses, and any other registrations required have been obtained by the applicant prior to the release of funds, where such documents are required. Loan Closing Counsel for the BCIDA will schedule a loan closing. All loan documentation will be executed prior to fund disbursal and all security documents shall be recorded where necessary. Disbursement of Funds The funds will be disbursed to a borrower in accordance with the terms of the loan documentation. Annual Project Follow-up Recipients of these funds will be required to report annually on their progress in meeting the job creation and retentions goals as set forth in their approved loan application until those goals are met. Application Guidelines Page 2 of 2 11/2013
18 NEW ECONOMY FUND Public/Private Partnership 2013 Loan Program Application Guidelines This document provides instructions for completing New Economy Fund Loan applications. For additional information on this program and others please contact the Bucks County Industrial Development Authority at
19 NEW ECONOMY FUND APPLICATION GUIDELINES Program Overview The purpose of the New Economy Fund is to direct public sector investments into private/public partnerships that promote new family sustaining jobs in areas where Bucks County enterprises have a competitive and comparative economic advantage, which absent public sector support would not otherwise occur or would not occur in as timely a fashion. In order to accomplish this, resources will be directed toward the following initiatives: A. Support and encourage the revitalization and adaptive reuse of older, vacant, and abandoned or underutilized industrial and manufacturing facilities. B. Utilize the county s strength as a major freight center, in road, rail and water. C. Capitalize on the good job opportunities and sustainable wages in areas including, but not limited to, biotechnology, life sciences, transportation, advanced manufacturing, distribution and related support enterprises in management, logistics and Information technology. D. Build on the County s comparative economic advantage in the fields of healthcare, medical device manufacturing and health care delivery. E. Promote job creation in sustainable wage and high skilled jobs essential to retain our young adult cohort the future business and civic leaders, entrepreneurs and innovators Buck County will need to support a 21st Century economy. Funding Eligibility Funds from this program can be used to: Acquire land and buildings Demolish abandoned, underutilized, or unutilized buildings Site clearance Infrastructure improvements, including utilities, water, sewer, access roads and parking Environmental remediation only as part of an overall development project Machinery and equipment financing Working capital loans Eligible Uses Funds from this program can be used for hard costs associated with project development, for example: land and building acquisition, demolition, site clearance, infrastructure improvements, or similar investments as well as certain soft costs, such as engineering, planning, legal, consulting, closing or similar costs in projects that include acquisition, demolition and/or construction. Project Submission and Approval Eligible applicants must submit a completed Bucks County Industrial Development Authority (BCIDA) Loan Fund Application along with all required appendices, in order for the BCIDA s Loan Review Committee to Application Guidelines Page 1 of 2 10/2013
20 NEW ECONOMY FUND APPLICATION GUIDELINES underwrite the proposed project. Once this has been completed and the loan has been recommended to and approved by the full BCIDA Board of Directors, the following steps will occur: Notice of Award The Executive Director, acting on behalf of the BCIDA Board of Directors, will notify the applicant of the approved loan. Loan Documentation Counsel for the BCIDA shall prepare appropriate loan documentation which may include loan agreements, promissory notes, and security documents such as mortgages or security agreements with UCC filings, guarantees, title insurance and/or assignment of life insurance. Repayment Schedule The loan documentation shall include the agreed upon repayment schedule. Evidence of Permits, etc. Documentation must be provided by the applicant that all necessary permits, licenses, and any other registrations required have been obtained by the applicant prior to the release of funds. Loan Closing Counsel for the BCIDA will schedule a loan closing. All loan documentation will be executed prior to fund disbursal and all security documents shall be recorded where necessary. Disbursement of Funds The funds will be disbursed to a borrower in accordance with the terms of the loan documentation. Application Guidelines Page 2 of 2 10/2013
21 Interest Rates and Loan Terms While loan rates, terms, and conditions are determined on a case-by-case basis, based upon the financial strength of the borrower and the underwriting principals, the overall mission of the Bucks County Industrial Development Authority (BCIDA) is to actively promote a strong and vibrant economy through new business investment and robust job creation and retention. For that reason, our underwriting allows for a greater risk than commercial banks will generally accept and loans made by the BCIDA involve discounted financing, ordinarily ½ percent below the current prime rate, with an amortization or repayment schedule tied to the life of the asset. Generally the rates and terms are as follows: Land & Building Machinery & Equipment Working Capital 20 year amortization with 10 year balloon payment 7 year amortization with 5 year balloon payment 5 year amortization with 3 year balloon payment Fees Non-Refundable Application Fee as follows: Loans up to $100,000 $ Loans up to $200,000 $ Loans from $200,001 up to $500,000 $1, Loans from $500,001 and up $1, Placement Fee One percent (1%) of loan payable at closing (may be modified upon approval of the BCIDA) in addition to related and necessary legal fees, including document preparation and processing. 07/2013
22 PROCEDURES Application Form A request for a loan will not be considered until the attached application form is completed and all required exhibits are submitted. The application form should be completed according to the instructions provided, and exhibits should be attached according to the index of exhibits at the end of the application form. A separate application should be prepared for each proposed project. Submission of Application Forward the original and two copies of the completed application to: Notice of Receipt of Application Bucks County Industrial Development Authority Suite Welden Drive Doylestown, PA Bucks County Industrial Development Authority (BCIDA) staff will review the application for completeness and eligibility and will notify the applicant when a complete application has been received and is acceptable for processing. Where applications lack required information or where additional materials are needed, BCIDA staff will devote a reasonable amount of time to work with the applicant to assist in completing the application. However, applications that are unable to meet required qualifications will not be considered by the BCIDA Loan Review Committee. In addition, applicants may provide, or may be asked to provide, additional clarifying information during initial review of the application. Any additional information must be provided to the BCIDA when requested. Review and Recommendation Once a completed application has been received, the loan request will be scheduled for consideration at the next regularly scheduled BCIDA Loan Review Committee meeting. Meetings will generally be held once every month at the BCIDA offices. Applicants whose loan is under consideration may be asked to attend. Questions Any questions on the status of an application should be directed to BCIDA staff at BCIDA 07/2013 Page 1 of 10
23 LOAN FUND APPLICATION 1. Legal Name and Address of Applicant Name: Address: City: State: Zip: Contact Person: Telephone Number: Title: Address: 2. Project Location: 3. Type of Project: 4. Description of Business: Industrial Commercial Retail Bucks Enterprise Zone Brownfield Main Street DUNS # 5. Federal Tax Identification Number: or Borrower s Social Security Number: 6. Form of Organization of Borrower(s): Please check the appropriate category. Individual Proprietorship Partnership: General Limited C Corporation: Private Public S Corporation Date of Incorporation State LLC LLP Other Explain: 7. Is the company wholly or partly owned by any other business? No Yes Explain: 8. Loan Amount Requested: $ BCIDA 07/2013 Page 2 of 10
24 PROJECT DESCRIPTION 1. Project Location Common Address: Tax Parcel Number(s): Site Size: Building(s) Size: Attach EXHIBIT 1 a copy of the Legal Description, Survey, and Site Plan for acquisition/construction. 2. Describe the nature of the project in one paragraph (acquisition of buildings, machinery, new construction or rehabilitation, business expansion or development). If the project is commercial, indicate lead tenant(s) or users committed to date: 3. Explain why the BCIDA loan is necessary to your company or project: BCIDA 07/2013 Page 3 of 10
25 4. Sources and Uses of Funds Use Total Amount BCIDA Loan Debt Equity Purchase of Land $ $ $ $ Purchase of Existing Facility $ $ $ $ Demolition/Rehabilitation $ $ $ $ New Construction $ $ $ $ Working Capital $ $ $ $ New Machinery and Equipment $ $ $ $ Legal/Accounting Fees $ $ $ $ Architect/Engineering Fees $ $ $ $ Contingency/Other $ $ $ $ Total $ $ $ $ 5. Attach form of property control (option, contract, lease, fee simple, etc.) as EXHIBIT Attach detailed cost estimates of equipment, machinery, rehabilitation, or construction as EXHIBIT 3. For property acquisition, a recent appraisal by a Qualified MAI Appraiser is required as EXHIBIT 8. FINANCING INFORMATION 1. Private Lender Information: Amount of Loan: Rate/Term: Lender: Address: Contact Person: Telephone Number: Please Note: Funds will generally only be provided if the lender and the borrower offer firm commitments (See EXHIBIT 5, Draft Commitment Letter) to participate, and the borrower demonstrates that it has the financial capacity to deliver the resources to which it has committed. The applicant must provide evidence of both firm commitment and financial capacity. In addition to the general provisions, lender commitment letters should include a description of the type of loan (e.g. first mortgage, permanent financing, construction financing, etc.) which the lender is proposing to make, the status (approved, conditionally approved) of the loan, and any special conditions of the loan including the amount, interest rate, term, and collateral. If the issuance of bonds is involved in the financing of the proposed project, attach a copy of the inducement resolution from the issuing entity and a letter from the proposed underwriter or investor committing to purchase the bonds. Such letter must include the amount and use of bond funds and all terms and conditions of purchase 2. Equity Equity Amount: Source: BCIDA 07/2013 Page 4 of 10
26 BORROWER INFORMATION 1. Background of Borrower (Briefly describe the borrower s experience within the industry or with similar projects and the management and personnel responsible for project implementation.): 2. Attach the latest financial statement (dated within 3 months of application date) and financial statements for the last 2 years as EXHIBIT Attach detailed business projections as EXHIBIT Bucks County Industrial Development Authority Loan Request Amount of Loan Requested: $ Proposed Amortization Schedule: Proposed Term: Proposed Rate: Collateral: 5. Other Terms and Conditions: 6. Permanent Job Creation and Retention Number of jobs currently at project site After completion One year after completion Three years after completion Number of permanent jobs created Full-Time Jobs Part-Time Jobs Estimated Payroll Explain basis for job creation estimates: BCIDA 07/2013 Page 5 of 10
27 Describe the types of full time permanent jobs to be created, by category, number, skilled or unskilled and income. (for example Construction, Office and administrative support, Building Maintenance, Healthcare, Hospitality, Production, Protective Services, Skilled Trades, Transportation and/or Warehousing, Technical, Managerial, Supervisory) Job Category Number Skilled/ Unskilled Hourly wage or Salary PROJECT SCHEDULE List the projected schedule for completion. If the proposed project has more than two phases please replicate and complete the form for additional phases. Phase 1: Starting Date Estimated Project Expenditures Completion Date Property Acquisition Private Construction or Rehabilitation Equipment Purchase Working Capital Phase 2: Starting Date Estimated Project Expenditures Completion Date Property Acquisition Private Construction or Rehabilitation Equipment Purchase Working Capital BCIDA 07/2013 Page 6 of 10
28 EXHIBITS Please provide the following list of EXHIBITS: EXHIBIT 1: EXHIBIT 2: EXHIBIT 3: EXHIBIT 4: EXHIBIT 5: EXHIBIT 6: EXHIBIT 7: EXHIBIT 8: EXHIBIT 9: Legal Description, Survey, and Site Plan for acquisition/construction Form of Property Control Cost Estimates of Equipment, Rehabilitation, and Construction Lender Commitment Borrower Commitment Certified Financial Statements or 2 years most recent Federal Tax Returns Business Projections / Pro forma For property Acquisition, a recent appraisal by a Qualified MAI Appraiser Personal Guarantee, only when required by the Loan Review Committee BCIDA 07/2013 Page 7 of 10
29 EXHIBIT 4: SAMPLE LENDER COMMITMENT (Date) Re: (Project Name) Dear (Developer/Firm): The (lender) commits to provide a loan in an amount not to exceed $ to (borrower) for purposes of providing funds for the (project description) located at (address), Bucks County, Pennsylvania. The terms of the loan are as follows: Describe or list the following: Maturity Amortization schedule/repayment schedule Interest rate Prepayment Finance Fees Security Guarantees (if necessary) Other terms as set forth by the lender The loan commitment is subject to the following conditions: (Describe the conditions under which the lender is making the commitment. Note: For purposes of BCIDA approval, all conditions must be satisfied in order for BCIDA to commit its funds. An acceptable outstanding contingent condition would be the developer s receipt of BCIDA funds.) Sincerely, Signature Title Name of Lending Institution Accepted by the borrower: Signature Title Date BCIDA 07/2013 Page 8 of 10
30 EXHIBIT 5: SAMPLE BORROWER COMMITMENT (Date) Bucks County Industrial Development Authority Suite Welden Drive Doylestown, PA Re: (Project Name) Dear Chairman: Subject to the BCIDA's participation of $ the following investments... Describe or list the following: Location of the project Type of property control Project costs and proposed sources of funds, all identified clearly Proposed terms of repayment of revolving loan fund per the undersigned agrees to As a result of the development described above, the undersigned will commit its best efforts to create (retain) x number of jobs over a year/month period (include a brief explanation of the rationale for job creation projections). BCIDA participation in financing is necessary because (list the reasons why BCIDA loan funds are necessary). The undersigned is willing to sign a legally binding commitment upon award of the funds. As title of signatory, the undersigned has the authority to commit the organization. As a result of the receipt of funds in the amount of $, the above described investments, job creation, and operations will occur within the County of Bucks over a month period beginning and ending. Sincerely, Signature Title Company/Organization BCIDA 07/2013 Page 9 of 10
31 ANNUAL FOLLOW-UP Instructions This follow-up form must be returned to the BCIDA 12 months after issuance of the loan. Under Project Benefits, indicate the number of jobs created, the amount of real estate and sales taxes, and the level of investment directly resulting from the project for which the original loan was taken. The first column is for the projections listed on the original Loan Fund application, the second column should reflect actual jobs, taxes, and investment to date, and the third column is for projections for the next 24 months. Under Additional Benefits, please list other benefits from the project including non-quantifiable benefits. Project Information 1. Name of Borrower: 2. Address of Borrower: 3. Contact Person: Telephone: 4. Project Location (if different from above): Project Benefits Jobs created and/or retained Real Estate taxes Sales and/or income taxes New Investment Estimate from Application Actual to Date Estimated Over Next 24 Months Additional Benefits Please list all additional benefits from the project. (For example, removal of blight.) Submitted by: Date: Please return to: Bucks County Industrial Development Authority Suite 100, 11 Welden Drive Doylestown, PA Phone: Fax: BCIDA 07/2013 Page 10 of 10
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