Dauphin County collaborating with PennDOT on infrastructure bank
An announcement for what appears to be a county-level version of the Pennsylvania Infrastructure Bank is slated for March 1 in the atrium of the state Department of Transportation's Central Office in Harrisburg.
The new Dauphin County program will be financed through the PIB, said Amy Richards Harinath, a spokeswoman for the county commissioners.
The PIB provides low-interest loans to municipalities, transportation authorities, economic development agencies, nonprofit groups and private corporations for transportation projects. Its stated purpose is to leverage funds and accelerate priority projects, as well as spur development and help local governments with infrastructure needs.
The interest rate is a fixed rate at one-half prime and is set upon receipt of the loan application, according to PennDOT. The maximum loan term is 10 years.
“The county’s infrastructure bank will offer financing at rates substantially lower than other alternatives, (which is) good news for municipalities and developers,” Harinath said. “Eligibility criteria and a screening process will be established for the program.”
Additional details will be made available at the 1 p.m. news conference, the county and PennDOT said.