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Pennsylvania Statutes Title 73 P.S. Trade and Commerce § 393.25. Application procedure

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) Letter of intent.--An application for a grant, grant-to-loan or loan shall be initiated by a private company or private developer through a letter of intent to locate, expand, build or renovate a facility. The letter of intent shall be submitted to an applicant whose service area includes, at least in part, the site of the facility.

(b) Application.--Upon receipt of the letter of intent, an applicant may submit the letter of intent along with a request for an application to the department. Upon receipt of this information and a preliminary indication of project eligibility, the department shall provide an applicant with the application materials.

(c) Evaluation.--Upon receipt of a complete application, the department shall review the application based on the following criteria:

(1) The number of full-time equivalent jobs that will be created and retained and the amount of additional State and local tax revenue that will be directly generated by the private company's or private developer's new or expanded investment.

(2) In the case of a grant-to-loan or loan, the ability of the applicant, private company or private developer to repay the interest and principal.

(3) The increase in the Commonwealth's share of domestic and international commerce.

(4) For former industrial sites and long-term vacant commercial sites, the creation of opportunities to develop new facilities or expand existing facilities for private companies by eliminating, reducing or otherwise alleviating blight at the site.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 73 P.S. Trade and Commerce § 393.25. Application procedure - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-73-ps-trade-and-commerce/pa-st-sect-73-393-25/

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