ECONOMIC DEVELOPMENT FUND. ALLEGHENY COUNTY . Created in 1995 Key Financing Vehicle of the Redevelopment Authority of Allegheny County Using Proceeds from Issuance of $25 Million Special Tax Development Bonds Second $25 Million Bond deal in 1999 Used for Low Interest Loans.
Paid with Portion of Allegheny County’s Regional Asset District (RAD) Tax
Must be less than or equal to the term of private lender, but not to exceed 20 years
Interest Rate is Prime Rate Floating currently at 3.25%
Maximum 1 Year Loan Term or term of contract whichever is lessProgram Limits