Lebanon. The LVEDC Board of Directors met February 12, 2008 at a regular meeting chaired by Tom Haag.
President Charles Blankenship reported to the Board that the tax increment financing (TIF) loan for the Northport Business Park has been repaid and that he initiated action to terminate the Northport TIF District.
Blankenship explained that the successful Northport TIF project was established in 1999 to fund public infrastructure construction in the 132 acre business park in Union Township.
A $1.5M bank loan through the Jackson Township Industrial Development Authority was repaid with a portion of tax payments from companies locating in the park.
Ingram Micro, Voight & Schweitzer and Lebanon Valley Farmers Bank were among the park occupants, Blankenship said.
Other TIF districts LVEDC is currently administering are projects for ELK Corporation, Lebanon Valley Business Park, Bayer Corporation and The Palmyra General Mills Project.
Vice President Eberly noted that the State has lowered the interest rate to 4% for the Small Business First (SBF) Program and the Machinery and Equipment Loan Fund (MELF) program. Eberly stated that under the SBF First Industries First Program farms that are located in an agricultural security zone will receive an additional one percent reduction making the rate 3%.
Chairman Tom Haag reported that the recent LVEDC new member campaign resulted in the addition of 6 new contributors to the corporation. Haag thanked the Board members for their cooperation in soliciting the new members.
The Board set March 12 th as the date for LVEDC's annual report to the members. Eberly said the LVEDC's supporters will hear reports on the Corporation's accomplishments in 2007 and plans for 2008 at the meeting.