Project Overview
The Berks IDA helped orchestrate a $32M incentive package which won a multi-state competition for Cabela’s east coast flagship store. Located at Interstate 78 and Route 61 in Tilden Township, the 250,000 SF facility attracts 7 million visitors per year and provides over 400 jobs.
What Was Done
- Led an effort to secure $21M in tax-increment financing for road and infrastructure improvements
- Administered a $5M Redevelopment Assistance Capital Program grant to assist with the project
- Worked with the Governor’s Action Team to obtain a $1M Opportunity Grant
- Assisted with Cabela’s initial site selection efforts helping them to evaluate numerous sites within Berks County
- Helped to obtain a State Infrastructure and Facilities Improvements Program grant of $800,000 per year for ten years which was used to reduce the TIF tax burden on the three taxing bodies
- Successfully administered for 16 years the collection of TIF revenues and the oversight of the bond transaction
In Conclusion
BerksIDA will generate revenue from land sales, interest income, financing fees and government grants that will be used to create a continuously replenished resource for industrial park development that can be used by future generations.