Fifteen Monroe County projects will share more than $3.9 million in the latest round of gaming fund revenues generated by Mount Airy Resort and Casino and distributed through the Commonwealth Financing Authority. The monies will fund major infrastructure, roadway, and business support initiatives in Monroe County, along with a number of community improvement projects.
The funding is in addition to the $2.4 million in gaming revenues earmarked for the expansion of Northampton Community College’s Tannersville Campus, bringing to the total gaming benefit to more than $6 million.
Six of the projects will be administered directly by the Monroe County Industrial Development Authority, including $600,000 to extend a natural gas pipeline to Vigon International in East Stroudsburg, boosting the company’s business infrastructure with an eye toward future job creation; $400,000 to boost development at Arcadia New Ventures Park in Blakeslee, and $250,000 to fund the MCIDA’s Small Business Grant / Loan Program.
Funding will also support bridge repairs in Polk Township and a much needed Emergency Response Vehicle for the American Red Cross of the Poconos.
The funding is provided through the Pennsylvania Horse Race and Gaming Development Act, or Act 71, which set up a “local share assessment account” (LSA) and required Pennsylvania’s Commonwealth Financing Authority to distribute money that is generated by licensed gaming facilities to support community and economic development projects and mitigate the impact of gaming activities. The current allocation brings total gaming revenues distributed through the program to nearly $30 million.
“This is the second straight year we will see significant investment a gas line and marks an important expansion of that type of infrastructure,” says MCIDAExecutive Director Chuck Leonard. “Combined with hundreds of thousands of dollars committed to roadway and bridge upgrades, and the significant investment in our Small Business Grant and Loan Program, Monroe County is being well positioned to support local entrepreneurs as well as companies seeking a vibrant business environment with great market access.”
“We think this will be a great boon to our area’s business retention and expansion efforts.”
The $5.9 million distribution represents 50 percent of Mt. Airy’s contribution to the local share account. Commonwealth law mandates that Monroe County must share gaming fund revenues equally with neighboring counties.
Leonard points out that since the initial distribution of LSA funds in 2009; Monroe County has received more than $29 million in support of local initiatives.
“The Monroe County Industrial Development Authority is part of the Pocono Mountains Economic Development Corporation, a non-profit economic development corporation dedicated to creating jobs for Monroe County residents, expanding the county’s tax base and attracting new investment with the direct support of the Monroe County Commissioners. More information on economic development in Monroe County can be found at www.www.pmedc.com
More information on the local share assessment account is available at www.newpa.com or by calling 1-866-466-3972.
EDITOR’S NOTE: In addition to $2.4 million previously by the county to fund costs associated with the expansion of Northampton Community College’s Tannersville campus, The Monroe County Industrial Development Authority received LSA funding for the following Monroe County projects:
Other funded projects include: