UPPER MOUNT BETHEL, Pa., August 04, 2021--(BUSINESS WIRE)--The Bangor Area Commercial and Industrial Development Authority (IDA) has acquired a retired coal-fired electric generation plant and adjacent land on the Delaware River in Upper Mount Bethel, Pennsylvania as part of a cooperative financing and redevelopment agreement with RPL East, LLC.
Under the agreement, RPL East, LLC loaned money to the IDA to purchase the 161-acre property. The IDA will then work collaboratively with RPL East, LLC to pursue public and private grant money to remediate, dismantle, and demolish more than 700,000 square feet of industrial infrastructure including two 480-foot-tall stacks.
"The agreement represents a major win for the local residents, the economy, the environment, and the Bangor Area School District," says Jeff Manzi, Chairman of the IDA. "This collaboration will serve to revitalize the site and place it back on the tax rolls, providing good-paying jobs for our workers and increased revenues for our school district."
The property sits directly across the street from River Pointe Logistics Park, a proposed manufacturing and logistics industrial park that will be tucked among some 725 acres of tiered hillside and will offer 5 miles of publicly accessible hiking trails. When complete, River Pointe Logistics Park will provide an estimated 5,700 jobs. The master plan is designed to attract manufacturing businesses by utilizing the forward-thinking township zoning ordinances for the creation of industrial parks.
"We are grateful for the hard work of the IDA and its vision with regard to the future of this site and its importance to the people of Northampton County," says President of RPL East, LLC Lou Pektor. "While we still have a long road ahead, we look forward to continuing to work with the IDA to transform this location into a hub of increased opportunity for good jobs and a safe environment that brings millions of dollars of much-needed tax revenue to the school district and the township, negating the need to increase property taxes on residents."
About Bangor Area Commercial and Industrial Development Authority
The Bangor Area Commercial and Industrial Development Authority is a non-profit organization formed in 2002 with a core mission to promote economic development in the Bangor School District. Since its inception, the IDA has brought in over $2 million to the school district.
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