Redevelopment Assistance Capital Program (RACP) allocates $350 million in matching grants. Recipients of Gregory Management & Consulting Services GLASS Reports have been receiving updates on Senate Bill “SB680” since introduced and were preparing for the opportunities that lie ahead.

Gov. Corbett plans to give $350 million more to factory owners, developers, colleges, and museums later this year through the RACP grant program.  RACP drives economic development projects in the region and is often a large source of funding behind many regional projects.

Not all who ask receive. In recent weeks, more than 200 new pleas for Redevelopment Assistance Capital Program (RACP) matching funds, totaling $900 million, have piled up in Harrisburg, and many more are expected, said Corbett spokesman Jay Pagni

Philadelphia Projects Receiving Funding on this round include:

$5 million for the University City Science Center's new medical offices building at 3737 Market St.

$3 million to Pennsylvania Real Estate Investment Trust, the Philadelphia shopping-mall landlord, for improvements to the Gallery at Market East.

$15 million for Brazilian chemical-maker Braskem's Marcus Hook plant,

$2 million to developer Equus Capital Partners for expansion of its Ellis Preserve corporate center in Newtown Square;

$5 million for a loading dock at the Philadelphia Museum of Art;

$5 million for the Philadelphia Zoo's Hamilton Family Center and Faris Family Education Center.

And there are more.

There are legislators who have higher hopes for the next round. State Senate Bill 680 includes a long anonymous wish list of large Philadelphia projects:

$30 million for InterContinental Hotels' proposed Indigo Hotel,

$7.5 million for developer Eric Blumenfeld's Divine Lorraine conversion,

$40 million for something called only Chariot Landing/International Row

Read more here…

Contact GMCS to learn more about funded RACP projects in the region.