Senator Santarsiero, Representative Staats Announce RACP Grant for Pennridge Development Enterprises, Inc.
PERKASIE − August 1, 2019 − State Senator Steve Santarsiero (D-10) and state Representative Craig Staats (R-145) announced the award of a $2,000,000 state grant for Pennridge Development Enterprises, Inc., to benefit the Pennridge Airport Business Park in East Rockhill Township and Perkasie Borough. This grant was awarded through the Redevelopment Assistance Capital Program (RACP), a Commonwealth grant program administered by the Office of the Budget for the acquisition and construction of regional economic, cultural, civic, recreational, and historical improvement projects.
The Pennridge Airport Business Park is one of the few Class A industrial park projects remaining in Bucks County in the I-95, I-78, and Pennsylvania Turnpike corridor. This grant will allow three undeveloped parcels on 89 acres to be developed in one of the three phases required to complete the project. The first phase will consist of all the infrastructure improvements for the Park, including major utilities and roadway improvements and construction of two new buildings on site.
“The economic stimulus this project will provide East Rockhill Township and Perkasie Borough will be far reaching and long lasting,” Sen. Santarsiero said. “This grant will create an estimated 2,700 new jobs and bring countless opportunities for growth in the surrounding communities.”
“I am pleased to learn that Pennridge Development has been approved for this generous state grant and I am excited about what it will mean to our district and its residents,” said Rep. Staats. “The $2 million in RACP funding awarded for the Pennridge Airport Business Park project will provide substantial economic benefits to our area for many years to come through the businesses it will attract, the commerce that will occur and the many jobs it will create.”
“On behalf of Pennridge Development Enterprises Inc., I would like to thank Governor Wolf, Senator Santarsiero, and Representative Staats for their support of the Pennridge Airport Business Park through the Redevelopment Assistance Capital Program,” said Robert Brink, President of Pennridge Development Enterprises, Inc. “The Pennridge Airport Business Park, at full build out, is expected to consist of over 700,000 sq. ft. of Industrial Manufacturing space that will generate approximately $500M in total direct, indirect, and induced economic impact to the Commonwealth annually while supporting an estimated 2,700 jobs and $5.7M in annual tax revenue. We are grateful that the Pennsylvania State leadership recognize the value of this development and the positive economic impact it will have in Upper Bucks County and surrounding areas.”
RACP projects are authorized in the Redevelopment Assistance section of a Capital Budget Itemization Act, have a regional or multi-jurisdictional impact, and generate substantial increases or maintain current levels of employment, tax revenues, or other measures of economic activity. RACP projects are state-funded projects that cannot obtain primary funding under other state programs.
To learn more about RACP projects and grants, visit the Pennsylvania Office of the Budget website.