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Five recipients will receive more than $8 million in loan funding.
Uniontown, PA - A variety of infrastructure projects will soon receive necessary financial boosts, improving communities across Fayette County.
The Board of Commissioners on Thursday approved awarding the first round of Fayette County Infrastructure Bank (FCIB) loans to five recipients. The recipients, recommended by the FCIB Advisory Board, will receive more than $8 million in funding.
Aimed at helping municipalities and municipal authorities fund infrastructure projects, the Fayette County Infrastructure Bank will allow such entities to apply for loans from a special county fund to be used as a quicker, more reliable option for financing necessary repair or improvement projects.
Fayette County Economic Development Coordinator and FCIB Advisory Board Chairman Mark Rafail said he’s pleased with the progress made since introducing the project in September 2021.
“To have the support of our commissioners and all the municipalities that participated in making this first year a success; and being able to award millions to help with infrastructure improvements across Fayette County is an awesome feeling,” Rafail said. “I’ve been told by the other counties who have infrastructure banks that they were happy to help fund one or two projects their first year, so to have five is unprecedented.”
The first round of recommended loan recipients include:
The Fayette County Commissioners, along with Community Networking Resources (CNR) and HRG Engineering Inc. kicked off the program by opening the application period in May.
Community Networking Resources Co-chairs Katherine Conter and Michael Musser said, in a joint statement, that CNR and HRG established the first Infrastructure bank in both Pennsylvania and nationwide in 2014 in Dauphin County. Butler County followed in 2018, and Fayette started the process in 2021.
“CNR and HRG have been instrumental in the process of creating the Fayette County Infrastructure Bank and will continue to assist with running the program,” Conter and Musser said. “Our experiences in Dauphin and Butler counties made it easier for us to help establish an Infrastructure Bank here. We look forward to helping the municipalities and authorities make a difference for residents and businesses in Fayette County.”
Rafail said it’s wonderful that Fayette County is once again “leading the way and trying to make our communities better.”
“The Infrastructure Bank funds will be used as match money or fund complete projects that otherwise would not have been able to happen without county assistance,” Rafail said. “By advancing infrastructure improvements that support tourism, economic development and public safety, the local economy will also grow.”
Fayette’s program structure involves the county offering low-interest loans to more eligible applicants than what is available through traditional financing. Potential eligible applicants include municipal governments, municipal authorities and others to be determined.
The Fayette County Infrastructure Bank will remain focused on public transportation and utility infrastructure to support economic development projects and public safety. In addition to investing county funds directly back into county municipalities, other benefits include creation of a legacy program for investment in local county infrastructure; increased access to capital at the lowest possible rates; project planning and delivery support from county officials; the ability to leverage additional funding sources and more.
The commissioners also authorized county financial officials on Thursday to complete the loan closing process, so that project pre-construction can begin this winter.
Visit www.fayettecountypa.org/839/Fayette-County-Infrastructure-Bank or contact Mark Rafail at email@example.com for more information.
To learn more about Fayette County, visit www.fayettecountypa.org.
Editor's Note: Photo attached (Infrastructure Bank Loan Awards)
Pictured from L to R: Fayette County Commissioner Scott Dunn; Fayette County Commissioner Vince Vicites; Jay Wenger, Program Financial Consultant; Chris Brewer, Fayette County Bond Counsel; Mark Rafail, Fayette County Economic Development Coordinator and FCIB Advisory Board Chairman.
This communication, among other initiatives, is funded through the 2016 Fayette County Local Share Account (LSA) in cooperation with the Fayette County Board of Commissioners, Fayette Chamber of Commerce, The Redevelopment Authority of the County of Fayette, The Redstone Foundation and other partners. This funding has been designated for the continued promotion and marketing of Fayette County, PA.
For more information, contact Kristi Kassimer Harper, Public Relations Specialist, at 412-691-0262, firstname.lastname@example.org or Kaylie Moore, Community Relations Coordinator, at 724-430-1200 Ext. 1611, email@example.com.