CHAMBERSBURG, PA – Chambersburg Area Development Corp. (CADC) reported its 2017 total net worth of $12.8 million to its members and community representatives today at its 58th
CADC, a not-for-profit industrial development corporation, presented highlights from 2017, its strong financial position and its impact on the community during its luncheon at The Orchards Restaurant. Stephen Christian, executive director of CADC, led the 2017 review and reported that buildings leased by CADC earned an annual rental income in excess of $1 million, all property was sold at two business parks and nearly $250,000 was paid in property taxes.
“The main takeaway is the organization’s net worth of $12.8 million enables us to implement our strategic plan that will benefit the community,” Christian said. “It’s important for us to focus on the needs of the community as well as the development of industrial parks that support a strong economy.”
Unveiled in 2016, CADC’s strategy outlines eight key priorities that will inspire the next generation of leaders. These include strengthening the balance sheet, building projects, workforce development, maintaining a strong partnership with the Greater Chambersburg Chamber of Commerce, providing match funding for infrastructure upgrades to downtown, an investment program, downtown home ownership and membership.
Current projects fulfilling the strategic plan include infrastructure upgrades to the Central Parking downtown, funding Habitat for Humanity’s HomeAgain project, investing in the Franklin County Visitors Bureau’s 11/30 Center, supporting Costa Academy, partnering with McKissick Properties for the renovation of the Central High School and many others.
United Business Park, located off exit 17 on Interstate-81, is the final large industrial park yet to be developed by CADC. The 355-acre park has a 1.2 million square-foot industrial/logistics building along with another 1.5 million square-foot site planned for construction.
“United Business Park continues as a primary focus for CADC to develop,” Christian said. “In partnership with Lee & Associates, we are implementing an aggressive marketing and outreach plan to welcome new businesses to the park. As a result, our prospecting activity has garnered a tremendous amount of momentum that will carry us through 2018.”
Since 1960, CADC has invested in real estate throughout the community and developed four business and commercial parks. In all, the businesses and industries provide more than 3,000 jobs. Today, CADC's buildings produce revenue that is used to advance CADC’s mission to enhance the economic health of the community.
For more information, visit Chambersburg.org/CADC