HB 2425 — An Act providing for the funding of the development of comprehensive regional plans, competitive sites for businesses to locate or expand within this Commonwealth and competitive industrial and nonindustrial sites by assisting in the reduction of development risk; establishing the Pennsylvania Strategic Investments to Enhance Sites (PA SITES) Program, the PA SITES Fund and the PA SITES Debt Service Restricted Account; and conferring powers and duties on the Department of Community and Economic Development Pennsylvania Economic Development Financing Authority.

PRIOR PRINTER'S NO.

3335 THEPRINTER'S GENERALNO. ASSEMBLY OF PENNSYLVANIA HOUSE BILL Session of No.

24253440 2024THE INTRODUCEDGENERAL BYASSEMBLY DONAHUE,OF KAUFER,PENNSYLVANIA McNEILL,HOUSE SCHLOSSBERG,BILL SIEGEL,Session CERRATO, VENKAT AND CIRESI, JUNE 18, 2024 BOYD, SANCHEZ, REFERRED TO COMMITTEE ON APPROPRIATIONS, JUNE 18, 2024 AN ACT Providing for the funding of theNo. development of comprehensive regional plans, competitive sites for businesses to locate or expand within this Commonwealth and competitive industrial and nonindustrial sites by assisting in the reduction of development risk;

2425 2024 INTRODUCED BY DONAHUE, KAUFER, McNEILL, SCHLOSSBERG, SIEGEL, CERRATO, VENKAT AND CIRESI, JUNE 18, 2024 BOYD, SANCHEZ, AS RE-REPORTED FROM COMMITTEE ON APPROPRIATIONS, HOUSE OF REPRESENTATIVES, AS AMENDED, JUNE 27, 2024 AN ACT Providing for the funding of the development of comprehensive regional plans, competitive sites for businesses to locate or expand within this Commonwealth and competitive industrial and nonindustrial sites by assisting in the reduction of development risk;

and conferring powers and duties on the Department of Community Financing Authority.ment Pennsylvania Economic Development The General Assembly of the Commonwealth of Pennsylvania herebyEconomic enactsDevelopmenty asFinancing follows:Authority.

The General Assembly of the Commonwealth of Pennsylvania hereby enacts as follows:

20240HB2425PN333520240HB2425PN3440 - 2 - "Eligible projects." Any of the following:

(a) Declaration of policy.--The General Assembly finds and 20240HB2425PN333520240HB2425PN3440 - 3 - declares that funding the development of comprehensive regional plans, competitive sites for businesses to locate or expand within this Commonwealth and competitive industrial and nonindustrial sites by assisting in reduction of development risk, including interest, through the authority, is in the best interest of this Commonwealth.

(i) the authority is obligated to pay the principal or interest on the bonds only from the money pledged or 20240HB2425PN333520240HB2425PN3440 - 4 - available for repayment as authorized under this act;

(b) Revenues pledged.--The Commonwealth pledges and 20240HB2425PN333520240HB2425PN3440 - 5 - appropriates on a continuing basis the general revenues collected under Article II of the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, for payment of bond obligations and bond administrative expenses for bonds or refunding bonds issued under this act.

(1) Money relating to the bonds held on deposit in any 20240HB2425PN333520240HB2425PN3440 - 6 - other fund or account under an instrument or agreement pertaining to the bonds, including bond reserves and interest income on the money.

20240HB2425PN333520240HB2425PN3440 - 7 - (4) make any other deposit required under any instrument or agreement pertaining to the bonds;

(2) For the expenses of the department in the administration of the program, not to exceed 0.02% 0.2% of <-- the bond proceeds in the aggregate over the life of the program.

(ii) Energy infrastructure that supports the generation and distribution of power and any end uses 20240HB2425PN3440 - 8 - necessitated by the site, including, but not limited to, 20240HB2425PN3335 - 8 - heating, cooling or energy used as an input for manufacturing.

20240HB2425PN3440 - 9 - (vii) On-site amenities, such as recreational areas, 20240HB2425PN3335 - 9 - which are reasonably expected to increase the value or attractiveness of the site.

The grant and loan processes and application shall be available on the 20240HB2425PN3440 - 10 - department's publicly accessible Internet website.

20240HB2425PN3335 - 10 - (4) Develop a grant agreement for the program that includes provisions requiring an eligible applicant to return any unused or improperly used grant money to the Commonwealth.

20240HB2425PN3440 - 11 - (10) Identification of the project as a priority 20240HB2425PN3335 - 11 - investment in a local or regional economic development plan.

(b) Transmission of amount to General Assembly.-- (1) At the same time that the Governor submits the annual State budget and program and financing plan to the General Assembly under section 613 of the act of April 9, 1929 (P.L.177, No.175), known as The Administrative Code of 1929, the Governor shall inform the General Assembly of the amount of general revenues of the Commonwealth collected under Article II of the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, that must be transferred to the PA SITES Debt Service Restricted Account 20240HB2425PN3440 - 12 - in the next ensuing fiscal year for the full payment of bond 20240HB2425PN3335 - 12 - obligations and bond administrative expenses due during that fiscal year.

20240HB2425PN3440 - 13 - (2) Alter or limit the service agreement or security 20240HB2425PN3335 - 13 - interest.

20240HB2425PN3440 - 14 - Section 14.

20240HB2425PN3335 - 14 - This act shall take effect in 60 days.

20240HB2425PN333520240HB2425PN3440 - 15 -