$3 Million Financing for the Benefit of Camp Speers-Eljabar YMCA

The Pike County Industrial and Commercial Development Authority (IDA) today finalized a $3 million financing for the benefit of Camp Speers-Eljabar YMCA, a non-profit corporation located in Dingmans and Delaware townships. The Authority's Mortgage Revenue Note, being held by Penn Security Bank and Trust Company, was issued under the Pennsylvania Economic Development Law.

The proceeds of the note issue are being used by Camp Speers YMCA to refinance an outstanding loan to Camp Speers YMCA from Penn Security Bank. The proceeds of the original loan were used to construct a dining hall/program facility and to make other capital improvements including road widening, parking lot expansion and water, sewer and fire suppression system enhancements.

"These improvements will better enable YMCA to provide year-round programs in support of our mission and to more safely provide services to all of our constituencies" said Ravenell Williams, Camp Speers YMCA Executive Director and CEO.

The note is a limited obligation of the Authority payable solely from the resources of Camp Speers and does not obligate Pike County, the Authority or any other municipal entity to financially support the transaction. "These 'pass-through' financings are a terrific funding vehicle for businesses to access capital at tax-exempt lending rates," said Dave Farrington, Chairman of the Pike County IDA. "With Eckert Seamans Cherin & Mellott of Harrisburg acting as Bond Counsel, the IDA is well positioned to execute funding programs of any size," he added.

"The IDA welcomes inquiries from businesses, whether for-profit or non-profit, looking to access capital for qualifying projects within the County," added Amy Gruzesky, Executive Director of the IDA. The IDA is located at 209 East Harford St, Milford, PA 18337. Inquiries can be directed by email to pres@pidco.com or by phone to 570-296-7332.

Micky Denig is Business Manager.