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State Legislature Okays Lower Limit For Funds For Economic Development Projects

October 17, 2013

Governor Tom Corbett’s office indicates that the Governor will sign a measure passed by the state legislature Wednesday that cuts the amount of money the state can borrow for economic development projects, and puts into law restrictions on the way the program operates.

Both the House and Senate voted unanimously Wednesday to cut $600-million from the $4-billion upper limit on the Redevelopment Assistance Capital Program.

Each year lawmakers typically pass a “wish list” of projects, but it is up to the Governor to decide which ones to fund.

The bill limits the viability of projects to ten years after their approval by the state legislature.

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