PA Department of Community and Economic Development
The mission of the Department of Community and Economic Development (DCED) is to foster opportunities for businesses to grow and for communities to succeed and thrive in a global economy. Our mission is to improve the quality of life for Pennsylvania citizens while assuring transparency and accountability in the expenditure of public funds.
400 North Street Harrisburg Pennsylvania 17120 United States
Notice of public hearing for the Pennsylvania Economic Development Financing Authority with respect to an amount not to exceed $25,000,000 of Pennsylvania Economic Development Financing Authority solid waste disposal revenue bonds (CarbonLite P, LLC Project) series 2020.
Notice is hereby given that on Tuesday, February 18, 2020, a public hearing, as required by Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), will be held by the Pennsylvania Economic Development Financing Authority (the “Authority”) with respect to the proposed issuance by the Authority of one or more series, as part of a plan of finance, of its Solid Waste Disposal Revenue Bonds (CarbonLite P, LLC Project), Series 2020 (the “Bonds”), in an amount not to exceed $25,000,000. The hearing will commence at 10:00 a.m., or as soon thereafter as the matter can be heard, and will be held in the Commonwealth Keystone Building, 400 North Street, 4th Floor, Harrisburg, Pennsylvania.
The Bonds are expected to be issued pursuant to the Pennsylvania Economic Development Financing Law. The proceeds from the sale of the Bonds will be loaned to CarbonLite P, LLC, a Delaware limited liability company or its designated affiliates (the “Borrower”), and used to finance a portion of the cost of the acquisition, construction, rehabilitation, renovation, installation, improvement and/or equipping of a post-consumer polyethylene terephthalate (“pcrPET”) plastic beverage container processing facility (the “Facility”), including the leasing of land during the construction period, the installation of equipment, and the upgrade of utilities and other tenant improvements relating to the Facility, and associated equipment and appurtenances thereto, to recycle pcrPET bottles and containers into food-grade polyethylene terephthalate (“PET”) pellets to be used to manufacture various PET products. The Facility will be located on land leased by the Borrower at Berks Park 61, 4030 Pottsville Pike, in the City of Reading, County of Berks, Pennsylvania.
The Bonds will be special limited obligations of the Authority payable only from (i) loan repayments to be made by the Borrower to the Authority, (ii) certain payments by CarbonLite P Holdings LLC, as limited guarantor of the Borrower’s loan repayments, and (iii) certain funds and accounts established by the bond indenture for the Bonds.
The public is invited to attend the hearing at the address set forth above and all persons in attendance will be given the opportunity to be heard. The Authority requests that interested parties submit any comments in writing, and if planning to attend the hearing, contact the office prior to February 17, 2020. All attendance inquiries should be directed to Craig Petrasic, Assistant Director, or Brian Deamer, Project Manager, Pennsylvania Economic Development Financing Authority, Commonwealth Keystone Building, 400 North Street, 4th Floor, Harrisburg, Pennsylvania 17120, (717) 783-1109.
This notice is published in accordance with the requirements of the Code and the regulations promulgated thereunder.