montcoworks: IDA Description

Montgomery County, PA

P.O. Box 311, Norristown, PA 19404-0311
Courthouse Hours: 8:30a.m. to 4:15p.m.
Phone: 610-278-3000
Website: www.montcopa.org

Industrial Development Authority
 
The Industrial Development Authority (IDA) has assisted manufacturing firms, nonprofit (501(c)(3) organizations, educational institutions and health care organizations, as well as water treatment plants and pollution control facilities.
The Authority aims to maintain a high level of employment and create and maintain business opportunities.
The IDA works by:
-Borrowing money from private sector financing institutions
-Loaning this money to Montgomery County companies to finance projects
-Securing below-market interest rates on loans that are tax-exempt to the lender
 
 
To see a list of IDA Board Members, click here.
 
How to Apply for an IDA Loan:
Please give us a call directly and we will be happy to talk to you about the loan.
610-272-1100 and ask for Gerald Birkelbach.
 
2007 Projects
  • Quaker Chemical Corporation- $5 million tax-exempt loan to refinance existing debt.
  • Haverford School- $46 million bond to finance the construction of a new upper school and to refinance existing debt.
  • The Hill at Whitemarsh- $2.65 million in tax-exempt revenue notes for the completion of a continuing care retirement community in Whitemarsh Township. Approximately 150 jobs will be created.
  • Buckman's Incorporated- $7.1 million tax-exempt loan to purchase equipment. Approximately 85 jobs will be preserved and 15 new jobs will be created.
  • Rosemont School- $12 million tax-exempt revenue bond issue to partially finance the construction of a new gymnasium, educational wing, and athletic fields. 
  • LaSalle High School-$22.5 million tax exempt revenue bond to acquire land and construct a new education wing.
  • The Baldwin School- $12.5 million bond issue to finance the construction of a new athletic facility.
  • Fountain of Life Christian Academy- $10 million bond to finance the acquisition and renovation of a new facility. 
  • Northwestern Human Services, Inc- $6.89 million tax-exempt bond to refinance existing debt. 
  • Aqua Pennsylvania, Inc.- $49.66 million to finance the installation and upgrading of various water facilities in Chester, Delaware, and Montgomery Counties.
2006 Projects
  • Acme Corrugated Box Company- $3 million tax-exempt loan to acquire new equipment. 
  • Micro-Coax- $2 million tax-exempt equipment loan. 
  • Foulkeways at Gwynedd- $28.7 million tax-exempt revenue bond to refinance existing debt. 
  • RAF Industries- $4.9 million tax-exempt revenue bond and $1.5 taxable revenue bond to acquire and renovate a new facility.  
  • The Hill at Whitemarsh- $3 million in tax-exempt revenue notes and $1.5 million in taxable revenue notes to continue to build a continuing care retirement community. 
  • Gloria Dei Farms- $27 million tax-exempt revenue bond to refinance existing debt originally issued to finance construction of independent and assisted living facilities. 
  • ACTS Retirement Life Communities- $94.9 million tax-exempt revenue bond to refinance existing debt and to fund various continuing care retirement communities in Montgomery, Bucks, and Delaware Counties. 
 
2005 Projects
2004 Projects
  • Aluminum Athletic Equipment Co. (AAE)- $200,000 to purchase additional equipment for the new facility.
  • Germantown Academy- $11.8 million for construction, acquisition, renovation, installation, and equipping of various facilities at the Academy, including classroom, administrative and athletic.
  • International Business Systems, Inc.- $5.7 million to purchase new equipment and to refinance existing tax-exempt debt.
  • Neose Technologies- $1 million in revenue bonds for the purpose of refunding bonds previously issued in 1997.
  • Pennsylvania College of Optometry- $3 million to construct a new multi-purpose Student Community Center at the college.
2003 Projects
  • Northwestern Human Services- Financing $13.9 million in tax exempt revenue bonds for working capital, capital expenses and refunding outstanding debt.
  • Philadelphia Presbytery Homes and Services for the Aging- Financing $16 million in a tax-exempt note for renovations and capital improvements.
  • Tech Tag & Label- Financing a $1.6 million tax-exempt note for acquistion and renovations.
  • Tiger Printing- Financing a $1.1 million tax-exempt revenue note for acquisition and renovations.
  • Valley Forge Baptist Temple- Financing $2.3 million in tax-exempt revenue bonds for construction of new athletic, meeting and cafeteria facilities and acquisition and installation of new equipment.