College Township Industrial Development Authority

06/20/2024

Attention aspiring Happy Valley entrepreneurs!

Starting this July, we are offering a community-focused Idea TestLab sponsored by the College Township Industrial Development Authority (CTIDA).

Join us for four weeks of programming, 1-on-1 advice from business mentors, access to $500 in startup funding, and many more resources.

So get your startup idea in order now! Applications open June 24. Learn more at https://happyvalley.launchbox.psu.edu/idea-testlab/

College Township, Centre County, Pennsylvania

05/27/2024

Today, we remember the brave heroes who gave their lives to protect our freedom.

04/29/2024

Did you know that the College Township Industrial Development Authority (CTIDA) isn't just for College Township? Don't let the name fool you. The CTIDA serves businesses anywhere in Centre County!

As a vital economic development entity, the CTIDA plays a crucial role in fostering growth, attracting businesses, and creating job opportunities across our county. By leveraging its resources, expertise, and partnerships, the CTIDA can effectively support businesses and initiatives in College Township and BEYOND, benefitting our entire community.

We have helped businesses in places such as Penns Valley, Warriors Mark, Bellefonte, Downtown State College, and may other locations in Centre County!

Let's continue to explore and maximize the potential of the CTIDA to drive economic development, innovation, and an exceptional quality of life for all of Centre County. Together, we can build a stronger, more vibrant future for our region!

03/25/2024

Happening TOMORROW!

Join Council, Planning Commission, DPZ CoDESIGN consultants and staff as the Township begins work to make changes to revitalize and reinvigorate the Dale Summit Area. This is a Kick-off Meeting on the use of as an innovative approach for the transformation of the Dale Summit Area which encompasses the Nittany Mall, Shiloh Road and the Benner Pike in College Township.

Date: March 26, 2024
Time: 6:00 PM
Place: College Township Municipal Building

Refreshments will be provided.

To stay informed about the Dale Summit Area and other important initiatives in College Township, go to the College Township website, www.collegetownship.org.

03/12/2024

On this we celebrate our Executive Director!

Keri Miller was appointed as the Executive Director for the College Township Industrial Development Authority (CTIDA) in late September 2023, bringing with her a wealth of experience and a strong commitment to fostering economic growth and development in the region.

Miller's background has equipped her with the skills and knowledge needed to lead the CTIDA effectively. She is known for her strategic thinking, collaborative approach, and ability to build strong partnerships with businesses, government agencies, and community organizations.

As Executive Director, Miller plays a key role in advancing CTIDA's mission to attract and retain businesses, support entrepreneurship, and enhance the overall economic vitality of College Township, the Centre Region, and Centre County. She works closely with Authority members to develop and implement strategies that promote and create opportunities for local residents.

One of Miller's top priorities is to strengthen CTIDA's relationships with local businesses and organizations. She engages with stakeholders to better understand their needs and priorities, and develops programs and initiatives that support their growth and success. By fostering a collaborative and inclusive approach, Miller aims to build a strong foundation for and prosperity in College Township, the Centre Region, and Centre County.

Overall, Keri Miller's appointment as Executive Director represents an exciting new chapter for CTIDA. With her leadership, expertise, and passion for economic development, she is well-positioned to drive positive change and create a brighter future for College Township and the surrounding communities.

03/07/2024

Our goal is for businesses to become “bankable”, but sometimes a business needs help getting to that point. The CTIDA has a number of financial support programs to help businesses until they are strong enough to secure financing directly through a financial institution. One of the programs the CTIDA provides is the Loan Guarantor Program. Businesses who are already working with a financial institution, and are slightly too high risk without a guarantee, may be eligible for the CTIDA to provide the guarantee necessary for the financial institution to feel comfortable issuing the loan.

How does the CTIDA act as a guarantor for a business loan through a financial institution?

To act as a guarantor on a loan for a business, the College Township Industrial Development Authority (CTIDA) would typically follow these steps:

1. Submit a Request: The business would submit a Request for Financial Assistance form, located on the CTIDA’s website ( ctida.com ). The Executive Director will gather more information from the business about the request, provide a checklist of required documentation, and schedule the business to present the request to the CTIDA’s Loan Committee.

Note: Financial Institutions may also directly refer businesses to the CTIDA for guarantees.

2. Review the Request: The CTIDA Loan Committee (Loan Committee) would review the business's request for a loan guarantee to ensure it aligns with the CTIDA's mission and objectives. The requestor must come before the Loan Committee and present their business and request.

3. Assess the Business: The Loan Committee would assess the business's financial stability and ability to repay the loan. This involves reviewing the business's financial statements and projections, current debt schedule, business plan, and other relevant documents.

4. Negotiate Terms: The Loan Committee would negotiate the terms of the guarantee with the lender, based on the loan terms established between the requestor and the lender and investment policy of the CTIDA, including the amount of the guarantee, the length of the guarantee, interest rate (if the guaranteed funds are placed in a high-yield account), and any other conditions. The Loan Committee would also discuss with the requestor any terms, application and/or administrative fees, and conditions that are required of the requestor by the CTIDA.

5. Approve the Guarantee: Once the terms are agreed upon, the Loan Committee would make the recommendation to the CTIDA at the regular monthly authority meeting. If the authority approve the guarantee, the CTIDA will issue a guarantee letter to the lender and any contractual documents will be signed by all parties.

6. Monitor the Loan: The Loan Committee would monitor the business's progress and financial performance to ensure it remains capable of repaying the loan. The agreement would be reviewed annually to determine whether the guarantee can be released.

03/07/2024

Here are your 2024 CTIDA Members and Executive Director!

The College Township Industrial Development Authority (CTIDA) plays a crucial role in fostering economic growth and development in College Township, the Centre Region, and Centre County. Comprised of dedicated volunteer members and an Executive Director, the CTIDA focuses on attracting and retaining businesses, creating job opportunities, and enhancing the overall economic vitality of the community. The members of the CTIDA bring a diverse range of expertise and experience to the table, including but not limited to current and retired bankers, commercial real estate professionals, c-suite executives, marketing professors, small business owners, Veterans, and a retired Penn State Dean, ensuring that their decisions are well-informed and beneficial to the local economy. By working closely with businesses, economic development organizations, government agencies, and other stakeholders, the CTIDA helps to create a thriving business environment that benefits the entire Centre County community.

Back Row (L to R): Members John Young, Ray Liddick, Jr., John Peterson, Anthony Fragola, Richard Button, & Jack Igoe.

Front Row: (L to R): Members Benson Lichtig, Lam Hood, Ray Forziat, & Executive Director Keri Miller.

03/07/2024

Join Council, Planning Commission, DPZ CoDESIGN consultants and staff as the Township begins work to make changes to revitalize and reinvigorate the Dale Summit Area. This is a Kick-off Meeting on the use of as an innovative approach for the transformation of the Dale Summit Area which encompasses the Nittany Mall, Shiloh Road and the Benner Pike in College Township.

Date: March 26, 2024
Time: 6:00 PM
Place: College Township Municipal Building

Refreshments will be provided.

To stay informed about the Dale Summit Area and other important initiatives in College Township, go to the College Township website, www.collegetownship.org.

03/07/2024

CTIDA Board Member Anthony Fragola spoke during the Leadership Centre County (LCC) Government Day yesterday about the work of the authority in the community as a part of . Anthony is also a past graduate of LCC!

The CTIDA was proud to be a sponsor of the program day for Leadership Centre County, an organization that is developing local .

Executive Director Keri Miller is participating in the current class of LCC, along with many other other economic development and local government partners in Centre County, and had the privilege of serving on the Government Day committee.

The purpose of the program day was to immerse the class in all things local, state, and Federal government, including how to serve on an Authority, Board, or Commission (ABCs) in their respective municipalities, civility, and advocacy.

We appreciate the volunteers who serve on our authority! Thank you to Leadership Centre County and their Executive Director Kealy Daye, MPA for the opportunity to participate in building up future leaders in our community.

03/07/2024

(IDAs) play a crucial role in fostering and development within a region. Their primary function is to promote and support industrial development by providing financial assistance and incentives to businesses. Here are some key activities and functions of IDAs:

1. Financial Assistance: IDAs may offer financial assistance to businesses, often in the form of low-interest loans, grants, or tax incentives. This support aims to encourage businesses to invest in the region, create jobs, and stimulate economic activity.

2. Infrastructure Development: They may contribute to the development of necessary infrastructure, such as industrial parks, utilities, and transportation facilities. This helps create a conducive environment for businesses to thrive.

3. Job Creation: One of the main goals of IDAs is to generate employment opportunities. By attracting and supporting industrial projects, they contribute to job creation, retention, and reduction of unemployment rates in the area.

4. Business Attraction and Retention: IDAs work on attracting new businesses to the region and retaining existing ones. This is achieved by offering incentives, streamlining regulatory processes, and creating a business-friendly environment.

5. Community Development: The impact of IDAs extends beyond just businesses. They often engage in community development initiatives, supporting projects that enhance the overall quality of life for residents.

6. Public-Private Partnerships: IDAs often collaborate with both public and private entities to leverage resources and expertise. This can lead to more effective and sustainable development projects.

7. Economic Diversification: IDAs aim to diversify the local economy by attracting a variety of industries. This reduces dependence on a single sector and enhances the resilience of the regional economy.

8. Support for Small Businesses: In addition to large industries, IDAs provide support for small and medium-sized businesses to encourage entrepreneurship and innovation.

It's important to note that the specific functions of IDAs can
vary from one jurisdiction to another.

03/07/2024

Did you see the article in Town & Gown about ?

"“Andy’s vision, his enthusiasm, fairness, and recognizing the potential in people and places and his willingness to adapt and improve to create the best versions of the business for the employees, the customers, and the community is why I decided to work there,” Hamby says. “I love working with my coworkers as well. Everyone is so kind.”" (Hannah Po***ck - T&G)

We are proud to partner with a that values community.

Looking for a crispy and savory snack or meal? Look no further than one of State College’s newest restaurants, Tasty K. Located downtown on Calder Way,

03/07/2024

What types of businesses does the CTIDA partner with? Here’s one example!

Xact Metal is leading the way in the field of metal , changing the game for , by designing and building advanced printers that can be customized to the size and needs of your company. Using powder bed fusion technology, the possibilities for innovation and optimization of specific parts can be greater than traditional machining methods.

Our Executive Director had the opportunity to tour Xact Metal’s operation this week and see how their product moves from concept and design to assembly and testing, ready to ship out to customers around the globe.

Companies like Xact Metal in our community - an interesting bit of information from the tour is that many of the employees at Xact Metal are local residents who were either born in central PA or have lived here for a large portion of their lives!

Follow Xact Metal here or on Instagram to watch videos of the printers in action and to learn more about metal 3D printing.