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reportannual
ELEVATING LANCASTER COUNTY’S ECONOMIC STRENGTH
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To enhance the economic well-being of Lancaster County by bringing together business resources, capital and government for selective, measurable and sustainable growth.
MISSION
To elevate the economic strength of Lancaster County by becoming the business investment community of choice.
VISION
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2016 EDC & EDC Finance Corp. Annual Report
MESSAGE FROM THE BOARD CHAIRS
The influence, quiet strength and impact of EDC and EDC Finance Corporation grew notably in 2016. While the core work of these two entities is behind the scenes, over the past year, we’ve worked to share our successes, engage more volunteers in our efforts and elevate the many wonderful businesses, individuals and partners with whom we work.
Please take a few minutes to review this year’s Annual Report. Most of the information reflects our recent accomplishments; however, we also detail our new three-year strategic plan, including celebrating the creation of the Center for Regional Analysis under the auspices of the Foundation of EDC. Through the generous support of The Steinman Foundation and the BB&T Economic Growth Fund at the Lancaster County Community Foundation, this game-changing applied economic research endeavor will help guide EDC’s efforts, educate the community on key facets of our economy and inform important economic growth decisions of the future.
This Report also includes our standard summary chart documenting specific projects facilitated by EDC Finance Corporation, which this year includes repeat borrowers and also reflects our strong partnerships with the Pennsylvania Industrial Development Authority and the U.S. Small Business Administration.
Finally, we acknowledge and thank the many individuals and businesses who contribute to our success and to the overall economic health of Lancaster County. Please take a few minutes to review our lists of members, sponsors and volunteers. Thank you for your support, involvement, guidance and wisdom as we work to elevate Lancaster County’s economic strength.
James D. WarnerEDC Board Chair 2016
Betty K. TomposEDC Finance Corporation Board Chair 2015-2016
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2016 YEAR IN REVIEW AND KEY ACCOMPLISHMENTS
ANNOUNCED the creation of EDC’s Center for Regional Analysis, which will
provide high-quality economic research and analysis to inform and drive economic development activity in Lancaster County. EDC will launch this major endeavor in 2017, a game-changer for Lancaster’s approach to economic development, thanks to the generous support of The Steinman Foundation and the BB&T Economic Growth Fund at the Lancaster County Community Foundation.
MANAGED
69prospect inquiries reflecting
• local businesses seeking to expand • new businesses considering an investment into Lancaster County • leads referred to EDC
APPROVED
39loans
leveraging
$70.5 million
in total project costs• retaining 613 existing jobs • creating 217 new jobs • retaining farming operations
on 910 acres of farmland
EDC Finance • RECORDED 165 inquiries,
leads or project opportunities• APPROVED 8 loans for
repeat borrowers• APPROVED its landmark
100th SBA 504 loan in 2016, totaling 112 SBA loan approvals between 2008 and 2016
totaling
$23.5 million
ENGAGEDthe local community to focus on redevelopment of Lancaster County’s
• hosting regional meetings and educational events
• distributing economic development news through a boroughs e-newsletter
• identifying nearly 40 properties as key redevelopment opportunities
18 Boroughs by
APPROVED
SBA 504 loan
th
B&B’s Custom Trim, Inc. was awarded the 100th SBA 504 Loan
2016 EDC & EDC Finance Corp. Annual Report
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DEVELOPED
3 strategic plan that stresses
• business retention and expansion
• data-informed decision making
and positions EDC to lead key strategic economic development needs in Lancaster County
a new year
CONDUCTED research and initiated discussions related to commercial and industrial site availability and land use as first steps to assessing Lancaster County’s long-term ability to meet physical growth needs of existing business.
COMMUNICATED EDC’s activities and economic development news through LinkedIn, meetings and e-newsletters to raise awareness of specific business investments and key strategic growth needs.
ACTIVELY PARTICIPATED
• workforce development• clean water• economic development financing• regional partnerships• STEM (Science, Technology,
Engineering and Math advancement)
• transportation• regional marketing
in working groups and task forces on key economic development topics including
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Project County Loan Amount Total Project Jobs Jobs Costs Retained Created
Small Business Administration 504 AquaPhoenix Scientific, Inc. York $ 3,641,000 $ 8,902,000 107 4B & B’s Custom Trim, Inc. Lancaster $ 516,000 $ 1,255,000 20 3Cabin Hollow Butcher Shop, Inc. York $ 611,000 $ 1,870,000 16 4David Miller/Associates, Inc. Lancaster $ 250,000 $ 605,000 13 0Hess Tent Rental, LLC Lancaster $ 256,000 $ 620,000 6 1Mr. Bill’s Fresh Seafood Lancaster $ 539,000 $ 1,785,000 5 5Oma’s Family Campground, LLC Lancaster $ 396,000 $ 1,100,000 2 0OTC Fleet Services Lancaster $ 555,000 $ 1,350,000 15 4Pine Hill Manufacturing, LLC Lancaster $ 837,000 $ 2,035,111 50 15Rhoads Energy Corporation (Berks)* Berks $ 510,000 $ 1,614,000 10 0Rocky Springs Entertainment Center Lancaster $ 933,000 $ 2,600,000 22 6Tempco Enterprises, Inc., North Oxford Chester $ 1,059,000 $ 2,956,000 0 1Tempco Enterprises, Inc., South Oxford Chester $ 592,000 $ 1,647,000 0 1Treasured Motorcar Services, Ltd. York $ 235,000 $ 652,368 9 11Wyndridge Farms Ltd. York $ 463,000 $ 1,500,000 53 14*Approved in partnership with The Pennsylvania Community Development and Finance Corporation .
Total SBA504 $ 11,393,000 $ 30,491,479 328 69 Pennsylvania Industrial Development Authority - Commercial & Industrial Creative Packaging Solutions, LLC Lancaster $ 390,000 $ 815,000 4 5Energy Wall, LLC Lancaster $ 400,000 $ 1,063,940 6 7 Listrak, Inc. Lancaster $ 2,000,000 $ 13,260,000 195 100Refreshing Mountain Camp Lancaster $ 275,000 $ 558,044 5 2Riverrock Group/ Kulp’s Sheet Metal, Inc. Lancaster $ 225,000 $ 460,500 3 3Strasburg Rail Road Lancaster $ 765,000 $ 1,530,000 42 6
Total PIDA - Commercial & Industrial $ 4,055,000 $ 17,687,484 255 123
Direct WireDirect Wire & Cable worked with EDC Finance to complete an expansion at its Denver, PA manufacturing facility. The company installed state-of-the-art equipment to complete its wire factory, using an SBA 504 loan to help finance the project.
Rocky SpringsEDC Finance helped Rocky Springs Entertainment Center get approved for a second SBA 504 loan in 2016. Sherry and Fred O’Neill acquired the Rocky Springs property in 2009 with an SBA 504 loan and plan to expand, adding more family entertainment options to complement their successful bowling operations. EDC Finance worked with Orrstown Bank to assemble the financing structure.
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Project County Loan Amount Total Project Jobs Jobs Costs Retained Created
Building PA Conestoga River Plaza Lancaster $ 1,550,000 $ 4,600,000 30 25
Total Building PA $ 1,550,000 $ 4,600,000 30 25 Next Generation Farmer Loan Hershey, Linford & Jennifer Lancaster $ 520,000 $ 2,035,000 N/A N/ANolt, Wesley Lancaster $ 520,000 $ 900,000 N/A N/ASensenig, Clinton & Roseann Lancaster $ 250,000 $ 1,000,000 N/A N/AStoltzfus, David & Lizzie Lancaster $ 520,000 $ 824,000 N/A N/AStoltzfus, John & Rachel Lancaster $ 450,000 $ 680,000 N/A N/AStoltzfus, Samuel & Marian Lancaster $ 350,000 $ 350,000 N/A N/AWeaver, Garrett Lancaster $ 250,000 Counted below N/A N/AWeaver, Landis & Darla Lancaster $ 520,000 $ 1,250,000 N/A N/A
Total NGFLP $ 3,380,000 $7,039,000 N/A N/A Pennsylvania Industrial Development Authority – Agriculture Barry, Brandon & Jennifer Lancaster $ 400,000 $ 1,400,000 N/A N/ABellaire Farms, LLC Lancaster $ 400,000 $ 1,100,000 N/A N/ABrubaker Run Farms, LLC Lancaster $ 400,000 $ 1,870,000 N/A N/AFlintrock Farms, LLC Lancaster $ 400,000 $ 1,420,000 N/A N/AHerr, Gregory & Beth Lancaster $ 400,000 $ 1,150,000 N/A N/ALandis, Christian & Laura Lancaster $ 400,000 $ 930,000 N/A N/ARiver Corner Farms, LLC Lancaster $ 400,000 $ 1,700,000 N/A N/AWeaver, Garrett Lancaster $ 400,000 $ 1,200,000 N/A N/A
Total PIDA - Ag $ 3,200,000 $ 10,770,000 N/A N/A
Total $ 23,578,000 $ 70,587,963 613 217
2016 PROJECT RESULTS
Conestoga River PlazaEDC Finance and the Commonwealth Financing Authority approved a $1,550,000 Building PA loan to assist with the development of Conestoga River Plaza, a new gateway multi-tenant retail facility on South Duke Street in the City of Lancaster. The significant project is led by the Spanish American Civic Association and SACA Development. The complex public-private financing package includes the Pennsylvania Department of Community & Economic Development Building PA loan, facilitated by EDC Finance, an Economic Development Administration grant from the US Commerce Department; a New Market Tax Credit investment through Community First Fund; support from the City of Lancaster through the City Revitalization & Improvement Zone Authority; and lending from Fulton Bank.
2016 EDC & EDC Finance Corp. Annual Report
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2016 EDC BOARD OF DIRECTORSChair James D. Warner, CEO Lancaster County Solid Waste Management Authority
Vice Chair E. Philip Wenger, Chairman and CEO Fulton Financial Corporation
Essam Abadir, Group Manager and Director, CEO Aspire Ventures
Dr. John M. Anderson, President Millersville University of Pennsylvania
Michael W. Brubaker, CEO, Blackford Ventures, LLC
Troy A. Clair, President & CEO, Clair Global
Steven G. Cook, Business Development Director, UGI Utilities, Inc.
John D. Cox, President, Turkey Hill Dairy
R. Joe Crosswhite, Regional President, M&T Bank
Mark C. Fitzgerald, President & COO High Real Estate Group
Earl A. Furman, President & CEO Versatek Enterprises, LLC
James R. Hoehn, President PNC Bank Central PA Region
Robert M. Krasne, Chairman & CEO Steinman Communications | LNP Media Group, Inc. Vice Chairman, The Steinman Foundation
Craig L. Kauffman, Regional President BB&T – Central Pennsylvania
Robert P. Macina, Executive Vice President, CAO & General Counsel, Lancaster General Health/ Penn Medicine
Dr. Carl Strikwerda, President, Elizabethtown College
Rupert H. Taylor III, Executive Vice President Warfel Construction Company
Ex Officio Thomas T. Baldrige, President & CEO The Lancaster Chamber of Commerce & Industry
Ex Officio Cathy Rychalsky, Executive Director Lancaster County Workforce Development Board
EMERITUS DIRECTORSGibson E. ArmstrongNancy ArnoldThomas BeemanRobert S. BolingerDr. Joseph A. CaputoNevin CooleyMark GainerRobert C. GrayJohn M. HallgrenAlexander Henderson, IIICalvin G. HighRandall HorstDavid KellerCalvin E. LevisJohn LevistskiW. Kirk LiddellJessica H. MayGene MooreTimothy W. PetersR. Scott Smith, Jr.Kenneth G. StoudtDaniel C. Witmer
2016 EDC FINANCE CORPORATION BOARD OF DIRECTORSChair Betty K. Tompos, VP for Finance & Administration, Thaddeus Stevens College of Technology
Vice Chair Michael R. Carper, President & CEO Housing Development Corporation/MidAtlantic
Jeffrey S. Bleacher, Managing Partner Ross Buehler Falk & Company
Joan M. Brodhead, EVP & COO, Community First Fund
Joshua D. Cohen, Esq., Attorney/Member McNees Wallace & Nurick LLC
Michael W. Davis, Partner, Barley Snyder
Patrick M. Egan, CEO & Founder Select Security
Jennifer D. Goldbach, Vice President of Business Development, Rhoads Energy
R. Edward Gordon, Executive VP & CFO Wohlsen Construction Company
Robert W. Heiserman, Jr., Broker/Owner Donegal Real Estate
Brett D. Jackson, Partner Brubaker, Connaughton, Goss & Lucarelli, LLC
Charlotte A. Katzenmoyer, Director of Public Works City of Lancaster
Mark Lauriello, President & CEO Rettew Associates, Inc.
Craig Lehman, Commissioner, County of Lancaster
Michael P. Peachey, Partner, Acuity Advisors & CPAs
Robert C. Shoemaker, Project Executive Lancaster City Alliance
2016 BOARDS OF DIRECTORS
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2016 EDC FINANCE LOAN COMMITTEEChair Michael R. Carper, President & CEO Housing Development Corporation/MidAtlantic
Vice Chair Robert C. Shoemaker, Project Executive Lancaster City Alliance
Jeffrey S. Bleacher, Managing Partner Ross Buehler Falk & Company
Patrick M. Egan, CEO & Founder, Select Security
Michael T. Garrity, Owner, Waveland Properties
Jennifer D. Goldbach, Vice President of Business Development, Rhoads Energy
Roger M. Guttridge, Retired, M&T Bank
Robert W. Heiserman, Jr., Broker/Owner Donegal Real Estate
Mark P. Lauriello, President & CEO Rettew Associates, Inc.
Michael P. Peachey, Partner, Acuity Advisors & CPAs
Betty K. Tompos, VP for Finance & Administration, Thaddeus Stevens College of Technology
Bernie I. Tucker, Owner Tucker Industrial Liquid Coatings
2016 FOUNDATION OF THE EDC BOARD OF DIRECTORSChair James D. WarnerVice Chair E. Philip WengerJohn D. CoxMark C. FitzgeraldEarl A. FurmanRobert M. KrasneDr. Carl Strikwerda, Ph.D.
AUDIT COMMITTEEChair R. Joe Crosswhite, Regional President M&T Bank
Jeffrey S. Bleacher, Managing Partner Ross Buehler Falk & Company
Steven G. Cook, Business Development Director UGI Utilities, Inc.
Jennifer D. Goldbach, Vice President of Business Development, Rhoads Energy
Edward Monborne, CEO, RKL LLP
INVESTMENT & FINANCE COMMITTEEChair R. Edward Gordon, Executive VP & CFO, Wohlsen Construction Company
Michael G. Fessler, Manager – Regulatory Affairs UGI Utilities, Inc.
Rupert H. Taylor III, Executive Vice President Warfel Construction Company
E. Philip Wenger, Chairman & CEO Fulton Financial Corporation
Ex Officio Betty K. Tompos, VP for Finance & Administration, Thaddeus Stevens College of Technology
Ex Officio James D. Warner, CEO, Lancaster County Solid Waste Management Authority
LANCASTER COUNTY BOROUGH INITIATIVELisa Boyd, Borough Manager, Strasburg Borough
James Cowhey, Executive Director Lancaster County Planning Commission
Rebecca Denlinger, President Rising Tide Collaborative
Michael Hession, Borough Manager, Denver Borough
Roni Ryan, Borough Manager, Elizabethtown Borough
Dean Severson, Director of Planning Lancaster County Planning Commission
Robert C. Shoemaker, Project Executive Lancaster City Alliance
Matthew Sternberg, Executive Director, Lancaster County Housing & Redevelopment Authorities
Robert Thompson, Borough Manager Ephrata Borough
EDC & EDC FINANCE CORPORATION STAFFLisa D. Riggs, President
John W. Biemiller, EVP/COO
Lyle D. Hosler, Director of Finance
Leigh A. Bardell, Finance Project Manager
Claudia M. Fisher, Finance Project Manager
Laura M. Gebhart, Economic Development Coordinator
Jessica A. Hamilton, Funding & Servicing Officer
Randall M. Johnston, Economic Development Loan Officer
Matthew W. Langen, Administrative Assistant
Jean K. Rehrig, Funding & Servicing Manager
2016 EDC & EDC Finance Corp. Annual Report
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EDC BUDGET $1.18 MILLION
REVENUE EDC Finance Corp. Administration Fee 48% Membership 40%Sponsorship/Events 5%Grants/Restricted 4%Public Sector 3%
EXPENSESEDC Finance Personnel 50%EDC Personnel & Programs 41%Professional Fees 5%Administration 4%
EDC FINANCE CORPORATION BUDGET $860,000
REVENUELoan Commitment & Servicing Income 97%Other Income 3%
EXPENSESPersonnel 72%Professional Services 17% Administration/Operations 11%
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2016 EDC & EDC Finance Corp. Annual Report
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LEADER $50,000+
FOUNDER $30,000 - $49,999
DEVELOPER $15,000 - $29,999
PARTNER $7,500 - $14,999
2016 EDC MEMBERSHIP
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MEMBER $3,500 - $7,499Barley Snyder
BFW Group
Donegal Mutual Insurance Group
Dutchland
Eurofins Lancaster Laboratories
Flyway Excavating
Franklin & Marshall College
HACC - Lancaster Campus
Horst Group
Irex Corporation
City of Lancaster
Lancaster County Housing & Redevelopment Authorities
Lancaster Regional Medical Center/Heart of Lancaster
McNees Wallace & Nurick
Millersville University of Pennsylvania
Nikolaus & Hohenadel
Oak Tree Development Group
Professional Design & Construction
Providence Engineering Corporation
Rettew Associates
Thaddeus Stevens College of Technology
Union Community Bank
Warfel Construction Company
Wohlsen Construction Company
ASSOCIATE $1,750 - $3,499Abel Construction Company
Acuity Advisors and CPAs
Appel & Yost
Aspire Ventures
August Mack Environmental
Beers + Hoffman Architecture
Benchmark Construction Company
Bertz, Hess & Company
B.R. Kreider & Son
Brook Farms Development II
Brown Schultz Sheridan & Fritz
Brubaker Connaughton Goss & Lucarelli
Burle Business Park
Carel USA
Certified Carpet
Clair Brothers Audio Systems
Clair Global
Commercial & Industrial Real Estate Council/LCAR
Conewago Industrial Park
Conrad Siegel Actuaries
David Miller/Associates
DenTech
The Drogaris Companies
Eastern Alliance Insurance Group
EHD
EHD Advisory Services
ELA Group
Elizabethtown College
Ephrata Borough
Ephrata National Bank
First National Bank
Hamilton Precision Metals
Integrity Bank – A Divison of S&T Bank
Kellogg Company
Martin Insurance Company
Murray Securus
Murry Management Company
Northwest Bank
Orrstown Bank
Paul Risk Associates
Penn Cinema Management Company
Pine Hill Manufacturing
Realty Settlement Services
Refreshing Mountain Retreat & Adventure Center
RGS Associates
Rhoads Energy Corporation
Rhoads & Sinon
Ross Buehler Falk & Company
Santander
School District of Lancaster
Sechan Electronics
Select Security
Simon Lever
Stoner
TriStarr
Trout, Ebersole & Groff
Versatek Enterprises
The Walz Group
The Wenger Group
SUPPORTER $500Borough of Columbia
Community First Fund
Discover Lancaster
East Hempfield Township
Elizabethtown Borough
Ephrata Economic Development Corporation
Harrisburg International Airport
Housing Development Corporation/MidAtlantic
Kutztown University SBDC
The Lancaster Chamber of Commerce & Industry
Lancaster City Alliance
Lancaster County Career & Technology Center
Lancaster County Workforce Development Board
Borough of Lititz
Manheim Area Economic Development Corporation
Manheim Township
Masonic Villages at Elizabethtown
Borough of Millersville
Mount Joy Borough Authority
SCORE
FARM PARTNER $250John & Susan Howard Farm
Silver Run Farm
Star Rock Farms
2016 EDC & EDC Finance Corp. Annual Report
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2016 Annual Meeting SponsorHigh Companies
2016 SPONSORS
CHAMPION $5,250
BENEFACTOR $2,750
ADVOCATE $1,250
2016 EDC & EDC Finance Corp. Annual Report
115 East King StreetLancaster, PA 17602
717-397-4046 | edclancaster.com