$11.95 Million Awarded in Recovery Zone Facility Bonds in Hagerstown, MD
Additional Recovery Zone Facility Bonds Still Available
The Washington County Board of County Commissioners (BOCC) recently awarded $11.95 million in Federal Recovery Zone Facility Bonds (RZFB) to two local companies.
- $3.2 million to Rider Jet Center for construction of Hangar 66
- $3.5 million to Rider Jet Center for construction of Office Building 67
- $5.25 million to Bergman Eye Center, LLC for a Medical Office and Surgery Facility
The hangar and office building are being built by Rider Jet Center for lease to Sierra Nevada Corporation, which expects to add 80 employees to its workforce with the completion of the hangar and 100 more employees when the three-story, 34,000 sf office building is finished.
Bergman Eye Center, LLC, which has offices in Hagerstown and Williamsport, was awarded a $5.25 million bond for the acquisition, construction, or renovation and equipping of a 20,000 sf building in Hagerstown to be used as a medical office and surgery facility, according to Dr. Erik A. Bergman. The company expects to transfer 23 employees from its existing location to the new center and hire about 13 additional employees.
As part of the American Recovery and Reinvestment Act (ARRA) passed in February 2009, Washington County and Hagerstown received nearly $14 million in Recovery Zone Facility Bonds. "The EDC will continue to accept applications for the remaining $2 million in bonds, said Timothy R. Troxell, CEcD, executive director of the Hagerstown-Washington County Economic Development Commission. "Additional unused bonds from other Maryland counties may become available to Washington County companies so please contact us with about your needs,” Troxell said.
Details on RZFB:
Tax-Exempt Loans - RZFB bonds provide businesses with access to bank loans at reduced interest rates to help create and retain jobs.
- Longer Finance Terms – RZFB bonds also enable much longer debt terms—up to 20 years instead of the 5 years typical for a bank loan
- Open to Almost any Business – RZFB bonds are not limited to industrial firms, but open to qualified businesses including retail, commercial, office, and service providers
DEADLINE: The second round of RZFB proposals are due on May 12th, 2010. All RZFB funding must be used by December 31st, 2010.
For More Information, Contact:
Timothy R. Troxell, CEcD
Hagerstown-Washington County EDC Executive Director
240-313-2280
4/23/2010
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