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Finance committee approves New Markets Tax Credit borrowing to help fund BioForge
Summary
The University of Pittsburgh finance and budget committee approved a resolution authorizing borrowing under the federal New Markets Tax Credit program to partially fund BioForge construction; the transaction is expected to generate roughly $1.5 million in incremental proceeds and carry a 30‑year debt obligation that is expected to be forgiven after a seven‑year compliance period.
PITTSBURGH — The University of Pittsburgh’s finance and budget committee on Friday approved a resolution authorizing the university to borrow under the federal New Markets Tax Credit (NMTC) program to partially finance construction of BioForge, a 185,000‑square‑foot life‑sciences facility in the Hazelwood Green development.
Jack Tighe, chairperson of the finance and budget committee, opened the public meeting, confirmed a quorum and moved the resolution after a presentation from Dwayne Pinkney, the university’s executive senior vice chancellor for finance and administration and chief financial officer. Pinkney summarized the structure and expected effects of the transaction: “Today, we are seeking the committee’s approval of a resolution authorizing the university to borrow funds…
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