College Township Industrial Development Authority January 2016
Encourage growth of new and existing businesses and industrial groups in the Centre Region Our Mission
Economic Development Resource As an Issuing Authority and through various financial programs, the CTIDA collaborates with various partners throughout the Centre Region to promote and support business and economic development with specific emphasis on: Attracting and assisting new businesses Supporting the retention and expansion of existing businesses Creating and retaining jobs Supporting local resources and other groups providing business services and resources (CBICC, College Township, SCORE, SEDA-COG, SBDC)
History CTIDA was incorporated by the Department of State of the Commonwealth of Pennsylvania on October 14, Based upon the provisions of the Industrial Development Authority Law (Act No. 102), approved August 23, Initial Focus was as an Issuing Authority for Debt Financing. College Township Council extended the CTIDA term of existence in 2004 for an additional 50 years to 2054.
Historic Highlights Over 175 businesses supported since Over $122,000,000 administered for funding of local development and projects. Administrative fee income contributed to Centre Region for installation of traffic lights, expansion of University Airport, and other infrastructure projects. In 1989, CTIDA provided $200K loan to the CCIDC for the IDC Incubator. In 1992, CTIDA purchased the building occupied by Centre Engineering (to avoid job losses in the region) and re-sold the building in 2007 to Channel Communications (WHVL-TV). In 2007, CTIDA launched its current Loan Guarantee program. In 2015, CTIDA added Co-Lending program to available resource offerings.
Past Clients Corning Glass Works Village Inn Partnership (Sheraton) Intercap, Inc. (Wendy’s) W. R. Hickey Beer Dist., Inc. Accu-Weather, Inc. Koch Funeral Home Landmark Dodge Whitehill Lighting & Supplies Parkway Medical Center State Theater Radio Semiconductor, Inc. Stocker Chevrolet McDonald’s (Hill‘s Plaza and Nittany Mall locations) Tavern Restaurant Locus, Inc. Lemont Water Company Medical Arts Building Erie Technological Products, Inc. Health South (Rehab Hospital) College Centre I (office building) Brookline Associates (retirement village now known as Juniper)
Current Clients Elk Creek Café, restaurant and brewery CTIDA provides partial loan guarantee, in financial partnership with Northwest Savings Economic Benefits: Creation of local jobs and growth of local business Multi-Use Retail Development, in collaboration with Keystone Real Estate Group CTIDA provides administration services of grant funds from the PA Department of Community and Economic Development (DCED) Economic Benefits: Creation of 200+ jobs West Arete, software development company CTIDA provides partial loan guarantee, in financial partnership with Northwest Bank Economic Benefits: Creation of local jobs and growth of local business Homeland Manufacturing Services, Inc, technology manufacturing company CTIDA provides partial loan guarantee, in financial partnership with AmeriServ Bank Economic Benefits: Creation of local jobs and growth of local business
Gregory A. Scott, Chair Edward H. McFadden, Vice-Chair Anne H. Stuart, Treasurer Sara C. Parks, PhD, Secretary Alison Kurtz, Assistant Secretary Benson Lichtig, Director Ray Forziat, Director Bill Sharp, Director Legal Counsel: Stover, McGlaughlin, Gerace, Weyandt & McCormick, P.C. Current Board Members
Committees Finance Committee Anne Stuart, Chair Manage IDA assets Develop/Maintain relationships with banking and brokerage community Marketing Committee Ray Forziat, Chair Please add responsibilities Xyz Loan Committee Chair, Manage Loan Guaranty and Co- Lending programs Collaborate with banks and financial community to identify potential clients to support Evaluate potential clients and make recommendations to full board
Contact Information Gregory A. Scott Edward H. McFadden Anne H. Stuart Sara C. Parks Alison Kurtz Benson Lichtig Ray Forziat Bill Sharp