Industrial Development Authority

The East Norriton Industrial Development Authority is made up of seven (7) individuals who serve without compensation for staggered terms of five (5) years. The IDA was created by the Board of Supervisors through Ordinance No. 449 on March 26, 2003. The IDA, which is an arm of the Pennsylvania Industrial Development Authority, serves as a conduit between non-profit borrowers and banks. The IDA, which has no liability for the loans, actually borrows the money from a bank and the bank in turn collects tax-free interest on the non-profit loan thereby being able to charge a lower rate of interest on the loan than if a non-profit entity would have borrowed at commercial loan rates.Those interest rate savings are passed on to the IDA which can utilize those funds by contributing to charitable purposes in the community. The IDA is limited to a maximum of $10,000,000.00 per year in loans and thus could receive, at most, $25,000.00 which can be applied to Authority expenses (i.e. solicitor fees and audit reports) and charitable contributions.

Current Members:
James J. Serratore, III, Chairman / David Crist, Secretary/Treasurer / Merle Ochrach, Esquire, Solicitor / Peter Cosumano / John Freeman / George Schools / Margaret Thomas