Flynn: Scranton to benefit from reinvestment funds
HARRISBURG, March 11 – State Rep. Marty Flynn, D-Lackawanna, announced approval of a $6 million loan for the Pennsylvania Reinvestment Fund LLC from the Commonwealth Financing Authority.
PRF is focusing on stimulating urban revitalization in Scranton and Bethlehem. The entity plans to help revitalize down business districts by creating mixed-use development and new commercial buildings through redeveloping vacant lots or underutilized buildings.
“I’m pleased to see financial attention paid to maintaining Pennsylvania’s historic cities,” Flynn said. “With this investment, we hope the city will see a much-anticipated rebirth to bring jobs back into the city of Scranton.”
In 2010, PRF redeveloped the previously vacant eight-story Connell Lofts into residential units, offices and retail space, providing residential growth and igniting renovation of the former Chamber of Commerce building two blocks away.
Flynn said that by further developing Scranton’s downtown, PRF believes the city will entice students from nearby schools and colleges to ultimately establish residence. He believes these professional residents will attract businesses of all types, creating a self-sustaining urban area.
PRF has several opportunities under analysis as potential 2015 projects in Scranton, including:
• Historic rehabilitation/adaptive reuse of a former mill building.
• Historic rehabilitation/adaptive reuse of a four-story retail building in a downtown neighborhood.
• New construction of a 200-room hotel and conference center at Montage Mountain.
• Historic rehabilitation/adaptive reuse of a former vacant office/storage building into incubator space.
The CFA is an independent state agency that evaluates and administers funding for a variety of programs. To find out more about CFA programs, visit www.newpa.com.