Pennsylvania SB 62: An Act amending the act of April 9, 1929 (P.L.343, No.176), known as The Fiscal Code, establishing the Redevelopment Authority Startup Loan Program and the Redevelopment Authority Startup Fund.

Bill Text

PRIOR PRINTER'S NO. 23 PRINTER'S NO. 942
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No. 62
Session of
2025
INTRODUCED BY FARRY, SAVAL, PENNYCUICK, FONTANA, COSTA AND
SANTARSIERO, JANUARY 22, 2025
SENATOR PICOZZI, URBAN AFFAIRS AND HOUSING, AS AMENDED,
JUNE 11, 2025
AN ACT
Amending the act of April 9, 1929 (P.L.343, No.176), entitled
"An act relating to the finances of the State government;
providing for cancer control, prevention and research, for
ambulatory surgical center data collection, for the Joint
Underwriting Association, for entertainment business
financial management firms, for private dam financial
assurance and for reinstatement of item vetoes; providing for
the settlement, assessment, collection, and lien of taxes,
bonus, and all other accounts due the Commonwealth, the
collection and recovery of fees and other money or property
due or belonging to the Commonwealth, or any agency thereof,
including escheated property and the proceeds of its sale,
the custody and disbursement or other disposition of funds
and securities belonging to or in the possession of the
Commonwealth, and the settlement of claims against the
Commonwealth, the resettlement of accounts and appeals to the
courts, refunds of moneys erroneously paid to the
Commonwealth, auditing the accounts of the Commonwealth and
all agencies thereof, of all public officers collecting
moneys payable to the Commonwealth, or any agency thereof,
and all receipts of appropriations from the Commonwealth,
authorizing the Commonwealth to issue tax anticipation notes
to defray current expenses, implementing the provisions of
section 7(a) of Article VIII of the Constitution of
Pennsylvania authorizing and restricting the incurring of
certain debt and imposing penalties; affecting every
department, board, commission, and officer of the State
government, every political subdivision of the State, and
certain officers of such subdivisions, every person,
association, and corporation required to pay, assess, or
collect taxes, or to make returns or reports under the laws
imposing taxes for State purposes, or to pay license fees or
other moneys to the Commonwealth, or any agency thereof,
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every State depository and every debtor or creditor of the
Commonwealth," establishing the Redevelopment Authority
Startup Loan Program and the Redevelopment Authority Startup
Fund; and making an interfund transfer.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. The act of April 9, 1929 (P.L.343, No.176), known
as The Fiscal Code, is amended by adding an article to read:
ARTICLE XVIII-B
REDEVELOPMENT AUTHORITY STARTUP LOAN PROGRAM
Section 1801-B. Definitions.
The following words and phrases when used in this article
shall have the meanings given to them in this section unless the
context clearly indicates otherwise:
"Department." The Department of Community and Economic
Development of the Commonwealth.
"Fund." The Redevelopment Authority Startup Fund established
in this article.
"Qualified county." A county, other than a county of the
first class or county of the second class.
"Qualified redevelopment authority." A public body and body
corporate and politic created and organized in accordance with
the provisions of the act of May 24, 1945 (P.L.991, No.385),
known as the Urban Redevelopment Law, and established and
located in a qualified county.
"Startup loan." A loan issued to a qualified redevelopment
authority from the fund.
Section 1802-B. (Reserved).
Section 1803-B. Redevelopment Authority Startup Loan Program.
The Redevelopment Authority Startup Loan Program is
established in the department.
Section 1804-B. Application and approval process.
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(a) Application.--A qualified redevelopment authority may
apply to the department for a startup loan as provided under
this article. An application made under this subsection must be
submitted in a form and manner required by the department.
(b) Application period.--A qualified redevelopment authority
may submit an application to the department for a startup loan
beginning from January 1, 2026, until the earlier of the
following:
(1) the date on which all money appropriated by the
General Assembly to the fund has been awarded as startup
loans; or
(2) January 1, 2028.
(c) Review.--When reviewing applications for startup loans,
the department shall:
(1) Provide a startup loan from the fund to one or more
qualified redevelopment authorities in one or more qualified
counties, if the qualified redevelopment authority or
authorities in the qualified county or counties have applied
and the qualified county or counties are in compliance with
all requirements established by the department.
(2) Give priority to a qualified redevelopment authority
in a qualified county with existing municip