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Seager defends PA Sites bond plan amid high demand for site dollars
Summary
Secretary Seager told lawmakers DCED plans to price bonds to finance PA Sites work, citing 66 applications requesting $377M against $125M spend authority and arguing bond financing lets the state deploy site investments now rather than wait for appropriations.
During budget hearings, Representative Marcel and others pressed Secretary Seager about the PA Sites program and the use of bonds to fund site development. Seager said DCED was "pricing this week" and hoped to close next week, and explained why a bond instrument is appropriate to deploy site capital now as applications outstrip current spend authority.
Seager described program demand: "We've received 66 applications for $377,000,000; our total spend authority for this year is only $125,000,000," which he said demonstrates demand far in excess of available appropriations. He said $5M of the $400M PA Sites authority is set aside for planning, and that some portion of the portfolio will be opened to applicants while bonds are used to scale deployment.
Lawmakers asked about refinancing and debt-service terms; Seager deferred specifics to the Office of the Budget but offered to follow up with Secretary Munson. He said DCED expects some projects to be operational as it deploys capital and that the agency is cataloging pad-ready industrial sites for marketing and attraction work.
Next steps: DCED will continue pricing and close on financing, move forward with the quarterly application round and provide the committee with follow-up on financing terms and refinancing flexibility per members— requests.
