Economic Development

Stevens & Lee has participated in a wide range of private activity financing. We have assisted a significant number of manufacturers in financing their capital improvement projects made more affordable through the issuance of tax-exempt industrial development bonds. We have served as bond counsel, credit facility provider counsel and as lender’s counsel in more than 200 tax-exempt financings for manufacturers throughout Pennsylvania.

Examples of our experience in this area include:

• Assisted a privately held manufacturer of printed circuit boards and related components in a financing for the construction of an addition to its manufacturing facility and the acquisition of new manufacturing equipment
• Assisted a leading corrugated shipping container manufacturer in multiple financings for manufacturing facility improvements and expansion
• Assisted one of the world’s largest manufacturers of plastic media in three separate financings to fund improvements in three of its Mid-Atlantic regional manufacturing facilities

In addition, the firm has a long history of participating in public economic development activities in the Commonwealth. From the development of convention centers to multi-purpose stadium facilities, Stevens & Lee has worked with municipalities and municipal authorities in helping to pave the way to revitalization in many of our communities.

Stevens & Lee was at the forefront of the 1994 legislation which allowed Pennsylvania’s third-class counties to institute a hotel tax to generate funds to build convention centers, promote tourism and build their local economies. Our state regulatory and government affairs team with the help of our tax-exempt finance lawyers drafted, introduced and successfully lobbied the hotel tax legislation. Our tax-exempt finance lawyers assisted several convention center authorities in planning and financing their projects and our litigation team successfully defended the constitutionality of the hotel tax.

We have assisted in the financing of a number of projects due to this landmark legislation:

• Lackawanna County Stadium
• Luzerne County Convention Center
• Santander Arena and Santander Performing Arts Center (Berks County, PA)
• Lancaster County Convention Center
• Clipper Magazine Stadium (Lancaster County, PA)

In addition, Stevens & Lee has served as counsel in a number of tax increment financing (TIF) transactions:

• Served as bond counsel in two separate financings for a significant road expansion and traffic improvement  project in Exeter Township, PA, to allow for the development of a large shopping complex
• Served as bond counsel in connection with the financing for the construction of a large retail complex in Berks County, PA
• Served as bond counsel in connection with the financing of the redevelopment and reconstruction of a retail mall in York County, PA