10C — May 13 - 26, 2016 — Pennsylvania — M id A tlantic
Real Estate Journal
www.marejournal.com
Lehigh Valley Chapter www.crewlehighvalley.org Commercial Real Estate Women
CREW LV AND LVEDC EXPLORE TIF FINANCING
2016 L ehigh V alley B oard of D irectors P resident P amela M orris L iberty P roperty T rust P resident E lect K ristin H olmes H olmes C unningham E ngineering P ast P resident A drienne K wiatek -H olub N ational P enn B ank S ecretary M arie M c C onnell F itzpatrick L entz &,B ubba , PC C orresponding S ecretary S andy K uhns K&H C ustom W indow T reatments T reasurer J ennifer K eat T ubiello -H arr & A ssociates D irectors at L arge J ulie M acomb N orris M c L aughlin & M arcus , PA T ina R oseberry C ity of E aston C ommitee C hairs & C o -C hairs M embership B etsy S hamberger M oonstone environmental C onnie H asara M ohawk G roup P ublicity J ulie P rofilet -S aucier S pillman F armer A rchitects B etsy S torey -B ono C oncannon M iller & C o ., PC C ommunity S ervice J ody K ing CBRE, I nc . C asey N oble L iberty P roperty T rust P rograms J ennifer K ennedy - DDP R oofing S ervices , I nc . P amela S ullivan N ational O ffice F urniture D e A na S usinskas ESSA B ank & T rust F oundation C hair A nnie O sika L afayette A mbassador B ank D elegates K ristin H omes H olmes C unningham E ngineering K elly B erfield C olliers I nternational For membership information contact: Betsy@moonstoneenviro.com
W
E I S E N B E R G TOWNSHIP, LE- HIGH COUNTY,
PA — Commercial Real Es- tate Women of the Lehigh Valley (CREWLV) and Lehigh Valley Economic Develop- ment Corporation (LVEDC) presented a joint program on the successful implementation of a Tax Increment Financ- ing (TIF) district in Lehigh County to fund infrastructure improvements required by industrial development. More than 80 members and guests of the two organizations gath- ered at the historic Glassbern Country Inn. Pennsylvania created Tax Increment Financing as a development tool, allowing taxing bodies to use a portion of the additional tax revenue generated by a development to aid in the infrastructure needed to make that develop- ment happen. Cindy McDonnell Feinberg, a principal of Feinberg Realty Advisors who formerly served as the Lehigh County Director of Community and Economic Development, moderated the event which recounted how a public-private partnership upgraded an intersection of I 78 to enhance the ramps, is re- placing a functionally obsolete bridge, and expanded the ca- pacity of a wastewater system that serves the community and a local school district.
Chris Fenel, Hillwood Director of Development; John Kingsley, V.P. of Finance, LVEDC; Dr, Mary Anne Wright, Superintendent, North- western Lehigh School District; Leslie Frisbie, Business Manager, Northwestern Lehigh School District and Michael Rebert, PennDOT District 5 Executive.
Glassbern Country Inn
only $13,000 per year. Ad- ditionally, the district has re- ceived $720,000 in real estate transfer taxes as each building has been developed Other speakers included Chris Fencel, Director of Development for Hillwood, Michael Rebert , PennDOT District 5 Executive; and John Kingsley Vice President of Finance, LVEDC. n A new bridge with improved clearances is being manufactured off site in modular faction for a replacement project that will take place this summer; roadway im- provements involved new turning lanes and access lanes.
Cindy McDonnell Feinberg moderated the event.
The project evolved as Hill- wood Investment Co., a Pe- rot Co., became interested in developing 230 acres of West Hills Industrial Park located in Weisenberg Twp. at exit 45 of I-78. To gain the public im- provements required, Lehigh County, Weisenberg Twp. and Northwestern Lehigh School District in 2011 agreed to defer 50% of the new tax rev- enue generated by Hillwood’s development of five industrial buildings for a 20 year term. Bonds were issued to pay for
the improvements; half of the new tax revenue resulting from the 2.4 million s/f development secured the bonds, Dr. Mary Anne Wright Superintendent, Northwestern Lehigh School District, noted that the district immediately benefited from the waste-water system upgrades and is now realizing $750,000 annually in real estate taxes on a site that formerly yielded West Hills Business Center will be six buildings at project build- out.
SPONSORS GOLD Norris McLaughlin & Marcus • Fitzpatrick Lentz & Bubba Liberty Property Trust • National Penn Bank• PennCap Properties Servpro of Easton, Bethlehem & Whitehall • Concannon Miller PATRON NorthStar Management • Boyle Construction • NAI Summit Newmark Grubb • Environmental Consultation Services CONTRIBUTORS Campbell Rappold & Yurasits • Buckno Lisicky & Co • Lafayette Bank Spillman Farmer Architects • People’s Security Bank & Trust • Colliers International FRIENDS JG Petrucci • HMK Insurance • DesignPoint • The Frederick Group Tubiello-Harr & Associates• Barry Isett & Associates • Falcon Engineering LLC Langan Engineering• Feinberg Real Estate Advisors • MKSD • IMC Constuction
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