The Industrial Development Authority (IDA) was formed in 2005 by Upper Gwynedd Township as an entity which issues tax-exempt obligations on behalf of nonprofit organizations which are 501(c)3 entities.
The Upper Gwynedd Township IDA has issued tax-exempt financing on behalf of a YMCA building, a continuing care residence for the elderly, conference center, office buildings, healthcare facilities, treatment facilities, outpatient and in-patient facilities
The borrowers include corporations, trusts, community chests, LLCs, and unincorporated associations, but that tax laws favor nonprofit 501(c)(3) organizations. Other beneficiaries of IDA financing are often libraries, museums or other similar non-profit institutions.
Our goals are to help create and maintain jobs and spur business opportunities within, but not limited to our community. Banks usually offer the financing at below-market-rate interest, with repayment terms up to 30 years. Loan proceeds depending on the project can be applied to such capital projects as land acquisition, construction of new facilities, additions or renovations to existing structures, equipment purchases, refinancing and some soft costs.
Interested parties should contact the Upper Gwynedd Township Industrial Development Authority through Township Manager Sandra Zadell at 215-699-7777 or IDA President Albert Bailey at 215-699-9036.
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