Harrisburg – October 28, 2016 – The effort to economically revitalize Northwest Philadelphia was spurred on today by a new $1 million grant from a state economic development fund, state Sen. Art Haywood (D-Philadelphia/Montgomery) said.
“The new state grant will help with the revitalization of Northwest Philadelphia and create commerce corridors that will be available to local residents and those who visit the area,” Haywood said. “Funding from the state is a critical aspect of the project’s success.”
Haywood said that the goal of the grant is to energize and reinvigorate business and commercial activity in Northwest Philadelphia. He said the grant will help fund work in the Sedgewick Theatre and other properties nearby.
He said the grant will also be used in the rehabilitation of properties and the development of an Innovation Hub in Northwest Philadelphia.
Haywood said that the ability to attract new investment and jobs is a key to the redevelopment of the area and that the state grant may serve as the impetus for additional private investment.
“The new state investment in the area signals that there is a real commitment to building up commerce corridors in Northwest Philadelphia,” Haywood said. “Our area needs businesses and jobs and this grant will help spur activity.”
The grant was approved through the state Redevelopment Assistance Capital Program (RACP). RACP’s can be used to for acquisition and construction of economic development projects.