Project Overview
Numerous shopping center developers had passed on 50 acres of land along Route 422 in Exeter Township because the economic returns didn’t justify the $18M highway infrastructure costs. At the request of the Township and an interested developer the Berks IDA orchestrated the financing package that accomplished both the construction of a much-needed highway improvement and the successful completion of a major regional shopping center.
What Was Done
- The Berks IDA led the development of a Tax Increment Financing (TIF) Plan which eventually led all three taxing bodies to provide the revenue for a $6M TIF bond
- The Berks IDA helped convince the State to provide another $6M grant through the Infrastructure Facility Improvement Program (IFIP) which together with the developer’s contribution of $6M provided the $18M needed for the highway project
- The Berks IDA conducted over 50 meetings with seven different government entities to help guide the project through the approval process
In Conclusion
Exeter Commons developed by Ironwood Property and the Goldenberg group is 500,000 SF of retail anchored by Target, Giant and Lowe’s along with 18 other well-known retailers and restaurants. Traffic now flows freely and safely through what was once a dangerous bottleneck at Perkiomen Avenue and Route 422.