Pennsylvania Senate Bill SB16

Pennsylvania 2023-2024 Regular Session

• Introduced: 6/28/24
• Refer: 6/28/24

Caption

Providing for the funding of the development of comprehensive regional plans, competitive sites for businesses to locate or expand within this Commonwealth and competitive industrial and nonindustrial sites by assisting in the reduction of development risk; establishing the Pennsylvania Strategic Investments to Enhance Sites (PA SITES) Program, the PA SITES Fund and the PA SITES Debt Service Restricted Account; and conferring powers and duties on the Department of Community and Economic Development Pennsylvania Economic Development Financing Authority.

Impact

The proposed legislation is expected to have a significant impact on state laws related to economic development and land use. By establishing the PA SITES Fund and the PA SITES Debt Service Restricted Account, the bill provides structured financial mechanisms that will enable local governments and developers to access funds more effectively. This could lead to increased investments in regional development projects and expansion initiatives that were previously deemed too high-risk due to financial constraints.

Summary

Senate Bill 16 (SB16) focuses on the funding of comprehensive regional plans and the establishment of competitive sites for businesses to locate or expand within Pennsylvania. The bill aims to facilitate economic development by assisting in the reduction of development risks associated with site selection for various types of businesses. It introduces provisions for the Pennsylvania Strategic Investments to Enhance Sites (PA SITES) Program, which is designed to provide financial resources and support to enhance selected sites' competitiveness for both industrial and non-industrial purposes.

Sentiment

The sentiment surrounding SB16 appears to be generally supportive among stakeholders focused on economic growth and job creation. Proponents argue that this bill will streamline processes and provide essential funding that will help attract and retain businesses in Pennsylvania. However, discussions may arise around the effectiveness of the proposed financial structures and whether they adequately address the diverse needs of different regions within the state.

Contention

While the intent of SB16 is to promote economic development, there could be contention over the allocation of resources and how targeted sites are selected for investment. Local communities may express concerns about not having enough input into which sites are deemed 'competitive' and whether the criteria used could potentially overlook less accessible or economically disadvantaged areas that also require support. Additionally, stakeholders might debate the bill's long-term effectiveness in sustainably enhancing regional economic vitality.