State Rep. John Schlegel announced Tuesday that the Commonwealth Financing Authority has approved more than $2 million for the City of Lebanon, on behalf of Second Sail Development, LLC, for the redevelopment of the Lebanon Steel Works, a former Bethlehem Steel site along Lincoln Avenue.
The CFA, an independent agency within the Pennsylvania Department of Community and Economic Development, holds fiduciary responsibility over funding programs and investments in Pennsylvania’s economic growth. It approved a Business in Our Sites grant of about $632,000 and a low-interest loan of $1.7 million for the Lebanon Steel Works Creative Community Development Project.
“The reclamation and restoration of this historic industrial site will help to promote business development and economic growth in our area,” Schlegel said in a news release. “The brick and timber structure has been largely unused for many years. The CFA funding will enable the developer to clean up asbestos and lead paint and help restore the building to productive use. In addition to the many new businesses and jobs this project will generate, it will also produce much-needed tax revenue.”