2024-11-15T06:44:02-06:00 2023-12-31 251467156 SISTERSON & CO LLP 501 GRANT STREET SUITE 450 PITTSBURGH PA 15219 990 2023-01-01 251603768 RIDC OF SOUTHWESTERN PENNSYLVANIA GROWTH FUND RIDC 4123156440 267 KAPPA DRIVE PITTSBURGH PA 15238 MARIAN D KURTA TREASURER 4123156440 2024-11-13 1 0 PUGNE MELISSA P01288890 4122812025 2023 2024-10-15 13:58:12Z MARIAN D KURTA 267 KAPPA DRIVE PITTSBURGH PA 15238 10070372 0 X WWW.RIDC.ORG X 1989 PA OPERATED EXCLUSIVELY FOR CHARITABLE, SCIENTIFIC TESTING FOR PUBLIC SAFETY, LITERARY, EDUCATIONAL TRAINING, COMMUNITY DEVELOPMENT, COMMUNITY CONSERVATISM, AND OTHER PUBLIC SERVICE PURPOSES PERMITTED WITHIN THE SCOPE OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. 8 7 0 0 0 0 10874823 6420289 2664304 2667528 2577041 968755 0 8600 16116168 10065172 0 0 0 0 0 0 0 0 0 12295559 15734360 12295559 15734360 3820609 -5669188 113446644 117522975 110875489 125621008 2571155 -8098033 X OPERATED EXCLUSIVELY FOR CHARITABLE, SCIENTIFIC TESTING FOR PUBLIC SAFETY, LITERARY, EDUCATIONAL TRAINING, COMMUNITY DEVELOPMENT, COMMUNITY CONSERVATISM, AND OTHER PUBLIC SERVICE PURPOSES PERMITTED WITHIN THE SCOPE OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. 0 0 15734360 2667528 THIS ORGANIZATION PROVIDES SUPPORT TO AN EXEMPT REGIONAL ECONOMIC DEVELOPMENT ORGANIZATION IN AN EFFORT TO PROVIDE BUSINESS EXPANSION AND JOB OPPORTUNITIES IN DEPRESSED COMMUNITIES BY ADAPTIVE RE-USE DEVELOPMENT OF UNDERUTILIZED MANUFACTURING FACILITIES. 15734360 1 1 0 0 0 0 0 0 0 0 1 0 1 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 1 19 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 8 7 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 0 0 0 X MARIAN D KURTA TREASURER 4123156440 267 KAPPA DRIVE PITTSBURGH PA 15238 SMITH DONALD F JR PRESIDENT 4.00 43.00 X X 0 624782 43865 KURTZROCK MARK JAY DIRECTOR/VICE CHAIRMAN 0.50 3.00 X 0 0 0 STEPHENSON SAMUEL J CHAIRMAN/DIRECTOR 0.50 4.00 X X 0 0 0 HUNT WILLIAM DIRECTOR/VICE CHAIRMAN 0.50 4.00 X X 0 0 0 MCNULTY TIMOTHY P DIRECTOR 0.50 2.00 X 0 0 0 GIOVANNITTI JENNIFER DIRECTOR 0.50 1.50 X 0 0 0 MONDI PATRICK DIRECTOR 0.50 1.50 X 0 0 0 RUSSO AUDREY DIRECTOR 0.50 1.50 X 0 0 0 WHITE TIMOTHY F SENIOR VP - DEVELOPMENT 4.00 43.00 X 0 377057 50654 HOBBES JASON W CORPORATE SECRETARY 4.00 43.00 X 0 218100 39603 GOLDSTROM MICHAEL SENIOR VP - REAL ESTATE 4.00 42.50 X 0 297129 43766 KURTA MARIAN D TREASURER 4.00 43.00 X 0 122235 33399 PINELLI CHRISTOPHER DIRECTOR, PROPERTY MGMT 4.00 42.50 X 0 179565 21649 HEINRICHER MICHAEL DIRECTOR, ASSET MANAGEMENT 4.00 43.00 X 0 160532 35928 BUECHLI JOHN SENIOR CONSTRUCTION MANAGER 4.00 42.50 X 0 143149 34580 MILLER KEITH DIRECTOR OF SITE DEVELOPMENT 4.00 42.50 X 0 149368 35636 COOPER JENI DIRECTOR OF COMMUNITY INVESTMENT 4.00 42.50 X 0 127325 21554 JOYCE DENNIS M RET 62022 FORMER CHIEF OPERATING OFFICER 0.00 0.00 X 0 150000 0 0 2549242 360634 0 1 1 0 P J DICK INC PO BOX 6774 PITTSBURGH PA 15212 CONSTRUCTION SERVICES 7901295 MELE & MELE & SONS INC ONE MELE PLACE BRADDOCK PA 15104 CONSTRUCTION SERVICES 4649508 ALBERT HIGLEY CO LLC 3636 EUCLID AVENUE CLEVEAND OH 44115 CONSTRUCTION SERVICES 1744890 NELSON MULLINS RILEY & SCARBOROUGH LLP 1320 MAIN STREET 17TH FLOOR COLUMBIA SC 29201 LAW FIRM SERVICES 969077 ST MORITZ BUILDING SERVICES INC C/O FIRST COMMONWEALTH BANK PO B GREENSBURG PA 15601 CLEANING SERVICES 156055 7 1435000 4935289 50000 6420289 RENTAL INCOME 531120 2640217 2640217 SERVICE & MANAGEMENT 532000 27311 27311 2667528 700655 700655 273300 5200 268100 268100 268100 OTHER REVENUE 531390 8600 8600 8600 10065172 2935628 0 709255 X 80630 80630 7624 7624 14449 14449 170339 170339 8052 8052 6653 6653 9377 9377 2145597 2145597 2869 2869 1356101 1356101 383392 383392 102420 102420 IMPAIRMENT 9546832 9546832 FORGIVEN DEBT 942080 942080 MAINTENANCE 424572 424572 UTILITIES 419680 419680 113693 113693 15734360 15734360 0 0 1313931 2125961 37602 64581 5000000 1784815 820869 1032740 42242340 33577540 80605 25125 23142760 1358804 748376 21783956 5169061 8229061 58033860 48899196 113446644 117522975 75480075 97477844 217551 275578 35177863 27867586 110875489 125621008 X 2571155 -8098033 2571155 -8098033 113446644 117522975 X -5669188 -5000000 X 0 1 X 1 0 X X 1 REGIONAL INDUSTRIAL DEVELOPMENT CORPORATION 251033264 10 1 15734360 0 1 15734360 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 PART IV, SECTION A, LINE 3B RIDC OF SOUTHWESTERN PENNSYLVANIA GROWTH FUND WAS ABLE TO DETERMINE THAT THE SUPPORTED ORGANIZATION SATISFIED THE PUBLIC SUPPORT TEST UNDER 509(A)(2) BY OBTAINING A COPY OF THE COMPUTATION OF PUBLIC SUPPORT CALCULATION (SCHEDUE A) THAT INDICATED THAT THE TOTAL PUBLIC SUPPORT PERCENTAGE FOR 2023 WAS 39.15% AND INVESTMENT INCOME PERCENTAGE FOR 2023 WAS 13.16%. PART IV, SECTION A, LINE 3C STRATEGIC PLANNING IS REVIEWED BY THE RIDC EXECUTIVE COMMITTEE PRIOR TO SUBMITTING PROPOSED PROJECTS TO THE RIDC BOARD OF DIRECTORS TO ENSURE THAT ALL PROJECTS ARE WITHIN THE SCOPE OF THE ORGANIZATION'S MISSION AND FALL UNDER IRC SECTION 170(C)(2)(B). RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1357435 1357435 20149265 275970 19873295 1582560 1029334 553226 53500 53500 0 21783956 RIDC LTC 48 LAND 2716458 C RIDC MILL 19A LAND 1352264 C RIDC MILL 19B LAND 1100339 C NKAMP INVESTMENT 3060000 C 8229061 REAL ESTATE IN PROGRESS 38244682 CONSTRUCTION IN PROGRESS 10136042 INTEREST RATE SWAP 518472 48899196 X PART X, LINE 2: AS OF DECEMBER 31, 2023 AND 2022, THE CORPORATION IS UNAWARE OF ANY UNCERTAIN TAX POSITIONS. THE CORPORATION'S TAX RETURNS FOR YEARS 2020 AND BEYOND REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE. X 1 1 X X X X 1 0 0 0 0 0 0 0 0 SMITH DONALD F JR PRESIDENT 0 496827 0 126500 0 1455 0 23100 0 20765 0 668647 0 0 WHITE TIMOTHY F SENIOR VP - DEVELOPMENT 0 317767 0 58000 0 1290 0 22514 0 28140 0 427711 0 0 GOLDSTROM MICHAEL SENIOR VP - REAL ESTATE 0 258129 0 39000 0 0 0 18156 0 25610 0 340895 0 0 HOBBES JASON W CORPORATE SECRETARY 0 201600 0 16500 0 0 0 14181 0 25422 0 257703 0 0 PINELLI CHRISTOPHER DIRECTOR, PROPERTY MGMT 0 173321 0 5500 0 744 0 12164 0 9485 0 201214 0 0 HEINRICHER MICHAEL DIRECTOR, ASSET MANAGEMENT 0 149376 0 10500 0 656 0 10728 0 25200 0 196460 0 0 MILLER KEITH DIRECTOR OF SITE DEVELOPMENT 0 145868 0 3500 0 0 0 10454 0 25182 0 185004 0 0 BUECHLI JOHN SENIOR CONSTRUCTION MANAGER 0 134070 0 8500 0 579 0 9460 0 25120 0 177729 0 0 KURTA MARIAN D TREASURER 0 115224 0 6500 0 511 0 8352 0 25047 0 155634 0 0 JOYCE DENNIS M RET 62022 FORMER CHIEF OPERATING OFFICER 0 150000 0 0 0 0 0 0 0 0 0 150000 0 0 FORM 990, PART VI, SECTION A, LINE 8B NO COMMITTEES ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE ANNUAL FORM 990 IS PREPARED BY ITS OUTSIDE INDEPENDENT ACCOUNTING FIRM. THE BOARD OF DIRECTORS REVIEWS THE 990. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST DISCLOSURE FORMS ARE DISTRIBUTED TO THE MEMBERS OF THE BOARD OF DIRECTORS AND ALL EMPLOYEES EACH YEAR. THE CONFLICT OF INTEREST FORMS ARE THEN RETURNED TO THE SECRETARY OF THE CORPORATION. ALL CONFLICT OF INTEREST FORMS ARE REVIEWED BY THE RIDC AUDIT COMMITTEE, AS WELL AS THE RIDC EXECUTIVE COMMITTEE OF THE RIDC BOARD. THE RIDC PRESIDENT AND RIDC BOARD CHAIR ARE INVOLVED IN THE PROCESS, INCLUDING REVIEW OF FORM CONTENTS AND IDENTIFYING ANY INDIVIDUAL AREAS OF CONCERN. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION HAS NO DIRECT EMPLOYEES AND THEREFORE NO COMPENSATION ANALYSIS IS APPLICABLE. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER FEES: PROGRAM SERVICE EXPENSES 170,339. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 170,339. FORM 990, PART IX, LINE 24B DURING 2016, LTC 48 LEVERAGED LENDER, A SINGLE MEMBER LLC OWNED BY THE ORGANIZATION, ENTERED INTO A FINANCIAL ARRANGEMENT TO OBTAIN ADDITIONAL FUNDING FOR THE CONSTRUCTION, OPERATION AND OFFSITE IMPROVEMENTS OF A 68,000 SQUARE-FOOT FLEX OFFICE BUILDING, TECH FORGE AT 47TH, LOCATED IN LAWRENCEVILLE, THROUGH THE USE OF THE NEW MARKETS TAX CREDIT ("NMTC") PROGRAM. IN CONNECTION WITH THE NMTC FINANCING, LTC 48 LEVERAGED LENDER EXECUTED A NOTE RECEIVABLE FROM TWAIN INVESTMENT FUND 175, LLC ("TWAIN"), AN UNRELATED THIRD PARTY, IN THE AMOUNT OF $8,664,800. THE NOTE PROVIDED FOR QUARTERLY INTEREST-ONLY PAYMENTS AT 3.52% THROUGH JULY 14, 2023. ON JULY 14, 2023, A PRINCIPAL PAYMENT ON THE NOTE RECEIVABLE OF $7,722,720 WAS MADE BY TWAIN TO LTC 48 LEVERAGED LENDER. SIMULTANEOUSLY WITH THE EXERCISE OF AN OPTION AGREEMENT BETWEEN REGIONAL INDUSTRIAL DEVELOPMENT CORPORATION OF SOUTHWESTERN PENNSYLVANIA AND U.S. BANCORP COMMUNITY DEVELOPMENT CORPORATION, THE FEDERAL TAX CREDIT INVESTOR, THE REMAINING PRINCIPAL BALANCE OF $942,080 WAS TRANSFERRED TO LTC 48 LEVERAGED LENDER. SUBSEQUENTLY, THE BALANCE WAS DISCHARGED AND RECORDED AS A LOSS ON NEW MARKETS TAX CREDIT TRANSACTIONS ON THE 2023 STATEMENT OF FUNCTIONAL EXPENSES. FORM 990, PART XI, LINE 9: TRANSFER OF 2022 GRANT RECEIPT TO NKAMP LLC(92-3465668) -5,000,000. RIDC LTC 48 LEVERAGED LENDER LLC 267 KAPPA DRIVE PITTSBURGH PA 15238 812003435 RE DEVELOPMENT PA -1104973 16 RIDC OF SOUTHWESTERN PENNSYLVANIA GROWTH FUND RIDC MILL 19A LEVERAGED LENDER LLC 267 KAPPA DRIVE PITTSBURGH PA 15238 320544577 RE DEVELOPMENT PA -1259640 25029614 RIDC OF SOUTHWESTERN PENNSYLVANIA GROWTH FUND RIDC MILL 19B LEVERAGE LENDER LLC 267 KAPPA DRIVE PITTSBURGH PA 15238 364914529 RE DEVELOPMENT PA -58372 6250324 RIDC OF SOUTHWESTERN PENNSYLVANIA GROWTH FUND FILM FURNACE LLC 267 KAPPA DRIVE PITTSBURGH PA 15238 842113529 ECONOMIC DEV OF SWPA PA 0 0 RIDC OF SOUTHWESTERN PENNSYLVANIA GROWTH FUND 80-82 44TH ST LLC 267 KAPPA DRIVE PITTSBURGH PA 15238 843046991 RE DEVELOPMENT PA -35173 408287 RIDC OF SOUTHWESTERN PENNSYLVANIA GROWTH FUND REGIONAL INDUSTRIAL DEVELOPMENT CORP OF SOUTHWESTERN PA 267 KAPPA DRIVE PITTSBURGH PA 15238 251033264 ECONOMIC DEVELOPMENT OF SW PA PA 501(C)(6) N/A N/A 0 THE RIDC REGIONAL GROWTH FUND 267 KAPPA DRIVE PITTSBURGH PA 15238 251495484 ECONOMIC DEVELOPMENT OF SW PA PA 501(C)(3) 12(A) N/A 0 REGIONAL ECONOMIC DEVELOPMENT CORPORATION OF SW PA 267 KAPPA DRIVE PITTSBURGH PA 15238 251636676 ECONOMIC DEVELOPMENT OF SW PA PA 501(C)(3) 12(A) N/A 0 RIDC LTC 48 267 KAPPA DRIVE PITTSBURGH PA 15238 811907116 ECONOMIC DEVELOPMENT OF SW PA PA 501(C)(3) 12(A) N/A 0 INDUSTRIAL CENTER OF MCKEESPORT ASSOCIATION 267 KAPPA DRIVE PITTSBURGH PA 15238 461685366 PROPERTY MANAGEMENT PA 501(C)(4) N/A N/A 0 RIDC MILL 19A 267 KAPPA DRIVE PITTSBURGH PA 15238 822985893 ECONOMIC DEVELOPMENT OF SW PA PA 501(C)(3) 12(A) N/A 0 RIDC MILL 19B 267 KAPPA DRIVE PITTSBURGH PA 15238 352617410 ECONOMIC DEVELOPMENT OF SW PA PA 501(C)(3) 12(A) N/A 0 RIDC MILL 19C 267 KAPPA DRIVE PITTSBURGH PA 15238 871417180 ECONOMIC DEVELOPMENT OF SW PA PA 501(C)(3) 12(A) N/A 0 INNOVATION RIDGE PARTNERS LP 267 KAPPA DRIVE PITTSBURGH PA 15238 251833057 RE DEVELOPMENT PA RIDC OF SWPA RELATED 0 0 CW DEVELOPMENT LP ONE BIGELOW SQUARE SUITE 630 PITTSBURGH PA 15219 364734310 RE DEVELOPMENT PA COMMONS AT THORN HILL GP LLC RELATED 0 0 THORNHILL PARTNERS LP ONE BIGELOW SQUARE SUITE 630 PITTSBURGH PA 15219 822955090 RE DEVELOPMENT PA ELMHURST TH GP LLC RELATED 0 0 INNOVATION RIDGE DEVELOPMENT CORPORATION 267 KAPPA DRIVE PITTSBURGH PA 15238 273458190 RE DEVELOPMENT PA RIDC OF SW PA C 0 RIDC REAL ESTATE INVESTMENT COMPANY 267 KAPPA DRIVE PITTSBURGH PA 15238 273652717 RE DEVELOPMENT PA RIDC OF SW PA C 0 INNOVATION RIDGE COMMERCIAL PROPERTY OWNERS ASSOCIATION 267 KAPPA DRIVE PITTSBURGH PA 15238 203871581 PROPERTY MANAGEMENT PA RIDC OF SW PA C 0 RIDC MILL 19 CONDOMINIUM ASSOCIATION 267 KAPPA DRIVE PITTSBURGH PA 15238 352610106 PROPERTY MANAGEMENT PA RIDC OF SW PA GF C 100457 83758 0.35620 0 0 0 1 1 1 0 0 0 0 1 0 0 0 1 1 1 0 1 0 RIDC MILL 19B 35-2617410 (LOAN BALANCES) D 438 ACTUAL COST INCURRED RIDC MILL 19B 35-2617410 (PRINCIPAL INCREASE) D 8016 ACTUAL COST INCURRED RIDC MILL 19A 82-2985893 (RENT EXPENSE) J 2145597 ACTUAL COST INCURRED RIDC MILL 19A 82-2985893 (LOAN BALANCE) E 4564861 ACTUAL COST INCURRED RIDC MILL 19A 82-2985893 (PRINCIPAL INCREASE) E 147289 ACTUAL COST INCURRED RIDC LTC 48 81-1907116 (LOAN BALANCE) D -83158 ACTUAL COST INCURRED RIDC LTC 48 81-1907116 (PRINCIPAL DECREASE) D -89633 ACTUAL COST INCURRED RIDC OF SW PA 25-1033264 (LOAN BALANCE) E 83921681 ACTUAL COST INCURRED RIDC OF SW PA 25-1033264 (PRINCIPAL INCREASE) E 14864929 ACTUAL COST INCURRED RIDC OF SW PA 25-1033264 (INTEREST) E 3050747 ACTUAL COST INCURRED RIDC OF SW PA 25-1033264 (SHARED PAYROLL) O 185000 ACTUAL COST INCURRED RIDC LTC 48 81-1907116 (GRANT RECEIPT) C 150000 ACTUAL COST INCURRED RIDC MILL 19B 35-2617410 (GRANT RECEIPT) C 1285000 ACTUAL COST INCURRED RIDC MILL 19 CONDOMINIUM ASSOCIATION 35-2610106 (REIMBURSEMENTS) P 90153 ACTUAL COST INCURRED NKAMP LLC 92-3465668 (GRANT RECEIPT) R -5000000 ACTUAL COST INCURRED NKAMP LLC 92-3465668 (CAPITAL CONTRIBUTION) R 3060000 ACTUAL COST INCURRED