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Congratulations to the RACP grant recipients

ESI is proud to announce that 17 of our clients have been awarded a RACP grant during the 2015 rounds. We want to congratulate:

  • Broad Street Holdings, LP for 1300 Fairmont Avenue
  • Tower Investments, Inc. for Delaware Generating Station
  • KleinLife for Klein Building Renovation
  • Broad & Spruce Associates, LP for SLS International Hotel & Residences
  • East Market Development, Inc. for 34 S. 11th Street (East Market-Philadelphia)
  • University City Science Center for 3675 Market Street
  • PREIT Associates, LP for Gallery at Market East- Phase IV
  • Mt. Airy USA for Germantown Avenue Revitalization Initiative
  • Independence Visitor Center Corporation for Independence Visitor Center- Modernizing the Visitor Experience
  • Mann Center for the Performing Arts for Mann Center for Performing Arts Phase II, First Stage
  • Schuylkill River Development Corporation for Schuylkill River Trail Bartram’s Mile to Passyunk Point
  • Norfab Corporation for Norfab Modernization and Expansion
  • Performance Garage for Performance Garage Renovations
  • Philadelphia Housing Authority & Brown’s Super Stores for Sharswood/Blumberg Supermarket and PHA Headquarters
  • Cabrini College for Cabrini College South Parking Structure
  • Project HOME for Project HOME Young Adult Residence
  • Medart Global for Industrial Expansion – Medart Global

 

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A rendering of the planned expanded, second-floor terrace of Independence Visitor Center, one of the RACP grantees.

In 2015, our 43 RACP clients represented 17 percent of the requested dollar value of all RACP applications and have been granted 14 percent of the dollar value of awards for the entire state, or more than $40 million. ESI assisted clients across several counties including Philadelphia, Montgomery, Delaware, Erie, Mercer, Lawrence, Lebanon and Westmoreland. We helped them show the extent to which their project will positively impact the regional economic, cultural, civic and historical improvement and achieve the desired outcomes of the RACP program.

 

The Pennsylvania’s Redevelopment Assistance Capital Program (RACP) is funded by bonds which are issued by the state every two to three years. RACP is administered by the Office of the Budget to support the acquisition and construction of major regional, economic, cultural, civic and historical improvement projects. Eligible projects must include a 50 percent match of non-state dollars. A new round of RACP funding should be announced sometime in early 2017. ESI can help by providing the impact numbers in support of the application and compiling the full application package for official submission. Take a look at our Solutions For RACP applicants or contact Andrea Mannino, our resident expert on RACP, for more information.

For the full list of grantees, look here.


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