Budget Update: Lehigh Valley to house “Fortune 100” company?
As a follow-up to yesterday’s post regarding the budget, I wanted to add an article from today’s edition of the Morning Call. The article “Money for Mystery Company,” discusses some of the state budget implications for the Lehigh Valley– specifically those related to the Governor’s $300 million handpicked projects fund. Drawing the most attention is the anticipation of an unnamed “Fortune 100” company that may be calling the Valley home if Governor Rendell and other officials can succeed in “luring” them in.
As the outlines of the $600 million economic development bill that will give Rendell the ability to handpick $300 million in projects emerged this week, one key detail remained frustratingly elusive: the identity of the Fortune 100 company.
The bill doesn’t name the company, and development officials would say only that it’s a large company they are trying to lure to the Valley, but can’t name because no deals have been signed.
As stated in the article, $10 Million of the $300 Million that Governor Rendell can use for handpicked projects around the state, is apparently being used to attract this “mystery company” to the Lehigh Valley.
While some seem excited at the prospect of a large company moving in, others worry about the implications for other projects in the Valley considering an additional $10 Million from the pot that is no longer in play.
In Bethlehem for example, a $1.5 million project at Third and Polk Street for an office building included on Rendell’s list is no longer on the local drawing board.
Again, we’ll do our best to provide updates as budget news unfolds.