Complete Redesign of PA Redevelopment Assistance Capital Grant ProgramJune 2012 – Articles In the Zone
The Pennsylvania Governor’s Budget Office recently announced that the Redevelopment Assistance Capital Program (RACP) will be completely redesigned.
According to the Governor's Budget Office , the goals of the redesign are to:
• To define the application process with published guidelines and procedures.
• To implement merit-based evaluation and selection.
• To promote transparency.
• To maintain rigorous monitoring, measurement and reporting.
Semi-annual funding rounds will be held for the program and funding is approximated at $125 million each year, with funding awards made in April and October of each year. Projects that are not “shovel-ready” within 365 days will be deferred to a later round. Business plans for the first funding round of the new program must be submitted by June 29, 2012.
Project selection will be through a scoring matrix based upon the following criteria:
• jobs created or retained;
• community impact;
• strategic cluster for development;
• financial impact / long-term sustainability; and
• construction shovel readiness.