State Senator Chris Gebhard (R-48) and state Representative John Schlegel (R-101) have announced that Pennsylvania’s Commonwealth Financing Authority has committed $2.3 million of state funds to redevelop a 30,000 square foot building on the old Bethlehem Steel site in Lebanon.
Property owner Second Sail Development, LLC will receive a grant of a little over $631,000, plus a low-interest, 20-year loan for more than $1.7 million, according to Gebhard and Schlegel.
The property will be redeveloped by Second Sail’s related company, Common Craft Development.
In March, Evan Reinhardt, a principal in both companies, told Lebanon City Council that the plan is to convert a 30,000-square-foot former Bethlehem Steel building at Lincoln Avenue and Schneider Drive into a multi-tenant โartisan industrial spaceโ space, eventually to be occupied by 15 to 25 small businesses that would โbenefit from co-location.โ
โWhile historically an economic driver, the old Bethlehem Steel Foundry is unfortunately just a blighted brownfield site. This project will breathe new life into the area as it will offer employment and business opportunities with cultural amenities โ allowing Lebanon residents to enjoy those experiences like Hershey, Lititz, Harrisburg or Lancaster cities,โ Gebhard said in a July 23 press release
โThe reclamation and restoration of this historic industrial site will help to promote business development and economic growth in our area,หฎ said Schlegel in a press release issued the same day. โThe brick and timber structure has been largely unused for many years. The CFA funding will enable the developer to clean up asbestos and lead paint and help restore the building to productive use. In addition to the many new businesses and jobs this project will generate, it will also produce much-needed tax revenue.หฎ
The Commonwealth Financing Authority is an arm of Pennsylvania’s Department of Community and Economic Development, part of the executive branch of state government. The grant is through the agency’s Business in Our Sites program.
Read More: Lebanon City Council hears pitches for new uses of old buildings
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