Bonds sought to fund new YMCA
BUTLER - The Butler County Family YMCA has requested the Butler County's Industrial Development Authority issue bonds that could potentially get the proposed new Cranberry Township branch facility off the ground.
A public hearing was held Friday by the Industrial Development Authority for the request to issue up to $11.5 million in tax-exempt bonds to finance the new branch on property the YMCA bought several years off the corner of Ehrman Road and Route 19.
The Cranberry branch is designed to be 57,000-square-feet, with a vision by YMCA officials to expand to more than 100,000 square feet when all phases are completed on the 20 acre property off Route 19 across from the Butler Auto Auction.
The new facility would include a gymnasium, pool, ball fields and provide space for day care and other programs. The cost of that facility had been estimated at around $8 million several years ago.
Industrial Development Authority solicitor Leo Stepanian II said Monday the public hearing was required for the IDA because of Internal Revenue Service codes and to provide an opportunity to gather public comment. The county IDA had approved the proposed financing proposal at its Dec. 2 meeting.
The YMCA's request must now be approved by both the Butler County commissioners and the Pennsylvania Department of Economic Development. Stepanian said that process could take two to three months to complete.
