Public sector funding for commercial economic development projects requires a sophisticated and in-depth understanding of community interests, government processes, and project financing. In Pennsylvania’s current commercial debt-constricted market, public sector financing often serves as the starting point for a project. For other ventures, public financing may close a critical gap toward realizing a plan’s completion.
State Street Advisors’ economic development practice is lead by Lois Hagarty. Her public sector involvement began with her tenure in the Pennsylvania House of Representatives, during which she supported the groundbreaking revitalization of Conshohocken in her legislative district. In private practice, she has been a critical development team member on several commercial and residential projects.
Other members of the firm have played key roles in projects such as developing office towers on abandoned riverfront land, establishing mixed use developments in older cities, and seeing the industrial expansion of a manufacturing plant.
State Street Advisors provides the following targeted services:
- Tax Incentive Legislation – State Street Advisors has a comprehensive understanding of the Keystone Opportunity Zone (KOZ) legislation, expiration dates, and regulatory requirements.
- State and Local Funding Consulting – The firm helps to frame realistic targets for public subsidies to build total project financing requirements
- Public Subsidy Application Support – Our services range from preparation of complete applications to support and advocacy for projects at agency and authority levels.
State Street Advisors’ experience includes the following projects:
- Brandywine Realty Trust’s Cira Centre has become a new jewel of the Philadelphia skyline. The company required an adaptation of the KOZ legislation to justify the private capital investment needed for a new office building in Philadelphia. The partners at State Street Advisors were intimately involved with securing the state legislation and defending it against subsequent collateral attack.
- The firm helped secure funding for a $70 million manufacturing plant process expansion and tax exempt financing for a $100 million, 30 megawatt energy plant.
- A legislative achievement included an amendment to the state’s sales tax code to promote aviation facility manufacturing expansion activities.
- We have provided project support for a pioneering commercial development in Coatesville, including low interest loan financing from the Commonwealth Financing Authority, capital grants from the Governor’s Budget Office, county coordination of HUD 108 grant money, New Market Tax Credit allocation, and a Tax Increment Financing agreement on the local level.
- The firm was able to secure multiple sources of public funding to build a hotel adjacent to Philadelphia’s Pennsylvania Convention Center.