Whitehall Township Industrial & Commercial Development Authority Assists Moravian Academy in Obtaining Funds for Essential Facility Updates

Whitehall Township Industrial & Commercial Development Authority Assists Moravian Academy in Obtaining Funds for Essential Facility Updates

Moravian Academy Moves Forward with Development of Athletic & Wellness Center with WTICDA Support 

Whitehall, Pa.— The Whitehall Township Industrial & Commercial Development Authority (WTICDA) supports the tax exempt funding of the new $10.5 Million Athletic and Wellness Center construction project on the campus of Moravian Academy in Bethlehem Township. With this support, the pre-kindergarten through twelfth grade school aims to have a new and advanced athletic and educational facility on campus by the new 2013-2014 school year.

The Whitehall Township Industrial & Commercial Development Authority is a top resource for growing (or starting) community-enriching organizations and businesses. While the Academy has been raising the necessary funds since 2008, further assistance was required, and WTICDA and Wells Fargo Bank were able to help access the remaining funds needed to progress the construction of the athletics facility. Though the project is located in Bethlehem Township, WTICDA is able to use its flexible structure to aid development opportunities throughout Pennsylvania. 

“We are pleased to help facilitate the development of such a crucial aspect in education within our Lehigh Valley community,” said Howard Lieberman, Chairman of the WTICDA Board of Directors.

The 40,000 square-foot campus building will contain a multipurpose gym, fitness room spaces, classrooms for health and driver education programs, and more.

“Teaming with WTICDA and Wells Fargo provided unique and flexible strategies in financing the Capital Campaign of our Athletic and Wellness Center,” said John Weber, CFO at Moravian Academy. “WTICDA’s ability to authorize bank-approved tax exempt financing simplified the financing process. Wells Fargo was able to offer flexible rate and term strategies affording Moravian Academy the ability to customize borrowing to be based on the continuing Capital Campaign. This combined structure allowed the Academy to leverage its fundraising, take full advantage of current interest rates and begin construction when market conditions were in our favor,” said Weber.

Not only does this collaboration amongst Moravian Academy, Wells Fargo Bank and WTICDA provide health and academic growth, but also positive growth in jobs, the economy, and the community.

“At Wells Fargo, we’re proud of our long-term commitment to the Lehigh Valley and our relationships with the region’s most treasured institutions,” said Susan Youngs, Principal Relationship Manager for Wells Fargo Business Banking. “Moravian Academy plays a vital role in educating children from this region and beyond, and we are proud to play a lead role in making this fitness and education center possible.”

Since its establishment in 1974, the Whitehall Township Industrial & Commercial Development Authority (WTICDA) has cultivated its diverse knowledge and experience in order to provide the best assistance for incoming and growing businesses in technology, commercial and industrial fields, while making an investment in the community. It is a professional, community-based resource that assists in accessing funding to support job growth, employment and development.