Commonwealth Dumps Another $2.5 Million into the Verizon Building

As we reported back in October, the Commonwealth awarded the Borough of Conshohocken a $480,000 grant to cover the cost of cleaning up the mold in the Borough-owned Verizon Building. Now it is announced that the Commonwealth is going to provide another $2.5 million in state funding to cover redevelopment costs associated the Verizon Building.

Below is a press release from State Representative Mary Jo Daley:

State Rep. Mary Jo Daley, D-Montgomery, has been informed that Conshohocken was awarded $2.5 million in state funding from the Redevelopment Assistance Capital Program.

The funding will be used towards redevelopment of this centrally located borough property, known locally as the Verizon Building. When completed, the borough plans to house its municipal offices and its police department in the three-story, 65,000 square feet structure. The building will also have space available for rent by external tenants, bringing new and vibrant businesses to Conshohocken.

“The Verizon Building is ideally located in the center of Conshohocken’s downtown business district,” Daley said. “I am thrilled to see that when completed, the building will provide a new home not just for the borough’s police department and municipal services, but also new retail and office space. It is wonderful to have this opportunity to enhance the borough’s downtown with important services conveniently located for the people living and working in the borough.”

Officials acquired the Verizon building from a private developer in December 2007 and it has been vacant since September 2008. “Conshohocken is excited that our Commonwealth will provide $2.5 million in capital funding. Most importantly, this investment will support public safety with a much-needed new police facility to keep Conshohocken moving forward,” Borough Council President Paul McConnell said. “We appreciate the support and confidence from the governor, Rep. Daley, and all the other state leaders in providing this significant funding.”

Daley added, “This project will transform this property into a community asset while also creating temporary and permanent jobs, and I am pleased that the Commonwealth has invested significant capital into Conshohocken’s vision of progress.”

RACP is a commonwealth grant program administered by the Office of the Budget for the acquisition and construction of regional economic, cultural, civic, recreational and historical improvement projects.

Borough Council chose to not fix the roof, which let the building decline to a state of being covered in mold throughout a great portion of the interior.

Thus far, the public money tab on the Verizon Building is as follows:

  • $3.25 Million to purchase the building in 2007
  • $480,000 from Commonwealth in 2014 to pay for remediation
  • $2.5 Million from Commonwealth in 2014 to cover a portion of redevelopment
  • $10,781,000 loan that the Borough has taken out to cover redevelopment costs

That total is $17,011,000.