Montgomery County, PA

 

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.

-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.

 

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.

 

 

Quaker Chemical Company
Whitemarsh Township

 

Quaker Chemical Corporation is a manufacturer of various chemical products used in the automotive, steel finishing, heavy equipment and aerospace industries. The project involved the refinancing of a $5,000,000 tax-exempt loan through Brown Brothers Harriman.

 

Fiber-Line, Inc.
Hatfield Township

 

A $4,500,000 tax-exempt note provided by Brown Brothers Harriman was used to refinance existing debt and purchase new equipment.  The Company, which is a manufacturer of high performance fiber products used in the fiber optics and cable industries is expected to retain 78 employees and create 12 new jobs.

 

ACTS Retirement-Life Communities
Upper Gwynedd, Township

 

The project involved the issuance of $18,165,000 in tax-exempt revenue bonds, the proceeds of which were used to finance various capital improvements at continuing care retirement communities located in Montgomery and Delaware Counties.  The bonds were underwritten by the investment banking firm of Goldman, Sachs & Co.  Approximately 2,500 individuals are employed by ACTS in Pennsylvania.

 

 

Albert Einstein Healthcare Network
Cheltenham Township and Philadelphia

 

Albert Einstein Healthcare Network used the proceeds of a $146,705,000 tax-exempt bond issue through the Pennsylvania Economic Development Financing Authority (“PEDFA”) to refinance existing debt.  The MCIDA served as the local sponsor for the project.  The bonds were underwritten by Goldman, Sachs, & Co.

 

YMCA of Philadelphia and Vicinity
Lower Gwynedd Township

 

The project involves the acquisition of an approximately 27.5 acre parcel of ground and the construction of a new 80,000 square foot health and human services facility. The new facility will include two swimming pools, a gymnasium, fitness center, running track, and multi-purpose rooms. A $18,000,000 tax-exempt revenue note was provided by Fulton Bank. 30 new jobs will be created as a result of the project.

 

 

Rosemont School
Lower Merion Township

 

Rosemont School is a private non-profit elementary, co-educational, independent school serving children in nursery through eighth grades. The proceeds of a $12,200,000 tax-exempt note were used to refinance existing tax-exempt debt.

 

 

The proceeds of a $74,685,000 tax-exempt revenue bond through the Pennsylvania Economic Development Financing Authority (“PEDFA”) was used by Aqua PA to finance certain capital projects consisting the construction, modification, expansion, installation, and replacement of water distribution and treatment facilities in Montgomery, Bucks, Chester, Delaware, and Mercer Counties.  The bonds were underwritten by Jefferies & Company, Inc.

 

 

Foulkeways at Gwynedd
Lower Gwynedd Township

 

This continuing care retirement community used the proceeds of an $11,000,000 tax-exempt revenue note through Citizens Bank to refinance existing debt and finance the renovation and expansion of a community center.  320 jobs were preserved and 3 new jobs are expected to be created at the facility.

 

 

G.D.L. Farms Corporation
Upper Moreland Township

 

The proceeds of a $22,958,000 tax-exempt revenue note through Citizens Bank was used by this continuing care retirement community to refinance existing debt and to finance the construction of a one-story, 21-unit memory care addition to the existing facility.  81 jobs will be preserved and 9 new jobs are expected to be created.

 

The Meadowood Corporation
Worcester Township

 

The Meadowood Corporation is a continuing care retirement community located on 110 acres of land in Worcester Township.  The company used the proceeds of a $27,735,000 tax-exempt revenue bond through Citizens Bank to refinance existing debt.  The financing was structured by BB&T Capital Markets. The reduction in debt service will assist the Company in retaining over 150 employees.

 

 

Highway Materials, Inc.
Whitemarsh and Marlborough Townships

 

Highway Materials, Inc. is the owner and operator of quarries that produce various products including limestone, crushed stone, and other products used in the manufacture of concrete and asphalt.  The products are used in construction, transportation, landscaping, and related applications. The Pennsylvania Economic Development Financing Authority issued tax-exempt financing through Wachovia Bank, N.A. in the amount of $16,000,000.  The proceeds were used to finance renovations and equipment acquisitions at existing facilities in Montgomery and York County. 130 jobs will be retained.

 

 

Waverly Heights, Ltd.
Lower Merion Township

 

This continuing care retirement community used the proceeds of a $26,000,000 tax-exempt revenue bond to finance renovations to their existing facility including the expansion and reconfiguration of a health center.  The bonds were underwritten by Raymond James and Associates, Inc.

 

 

NHS Human Services, Inc.
Whitemarsh Township

 

NHS Human Services, Inc. provides mental health, mental retardation, drug and alcohol, and other health related services to residents of Pennsylvania, New Jersey, Virginia, and Washington, D.C. The proceeds of a $7,500,000 tax-exempt note through TD Bank was used to acquire facilities in Springfield and Whitemarsh Townships. The firm of Echo Financial Products structured the financing. 100 jobs will be preserved.