2024-11-15T06:42:59-06:00 2023-12-31 251467156 SISTERSON & CO LLP 501 GRANT STREET SUITE 450 PITTSBURGH PA 15219 990 2023-01-01 811907116 RIDC LTC 48 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 7564414 0 X WWW.RIDC.ORG X 2016 PA RIDC LTC 48 SHALL BE OPERATED AS AN ORGANIZATION THAT IS ORGANIZED, AND AT ALL TIMES EXCLUSIVELY, FOR THE BENEFIT OF, TO PERFORM THE FUNCTIONS OF, OR TO CARRY OUT THE PURPOSES OF REGIONAL INDUSTRIAL DEVELOPMENT CORPORATION OF SOUTHWESTERN PENNSYLVANIA BY REVIVING PROPERTY, LESSENING NEIGHBORHOOD TENSIONS, LESSENING THE BURDENS OF GOVERNMENT AND COMBATING COMMUNITY DETERIORATION BY DEVELOPING AN INDUSTRIAL DEVELOPMENT PROJECT AT A LOCATION WITHIN THE CITY OF PITTSBURGH, PENNSYLVANIA. 5 4 0 0 0 0 0 0 2188158 2697130 204000 0 121768 4867284 2513926 7564414 685000 150000 0 0 0 0 0 0 0 2225065 3287769 2910065 3437769 -396139 4126645 17270116 16915646 18850123 14369007 -1580007 2546639 X RIDC LTC 48 SHALL BE OPERATED AS AN ORGANIZATION THAT IS ORGANIZED, AND AT ALL TIMES EXCLUSIVELY, FOR THE BENEFIT OF, TO PERFORM THE FUNCTIONS OF, OR TO CARRY OUT THE PURPOSES OF REGIONAL INDUSTRIAL DEVELOPMENT CORPORATION OF SOUTHWESTERN PENNSYLVANIA BY REVIVING PROPERTY, LESSENING NEIGHBORHOOD TENSIONS, LESSENING THE BURDENS OF GOVERNMENT AND COMBATING COMMUNITY DETERIORATION BY DEVELOPING AN INDUSTRIAL DEVELOPMENT PROJECT AT A LOCATION WITHIN THE CITY OF PITTSBURGH, PENNSYLVANIA. 0 0 3437769 150000 2697130 RIDC LTC 48, A NON-PROFIT CORPORATION, WAS INCORPORATED IN 2016 TO SERVE AS A QUALIFIED LOW INCOME COMMUNITY BUSINESS ("QALICB") ENTITY THAT OWNS AND OPERATES THE TECH FORGE AT 47TH BUILDING IN LAWRENCEVILLE. 3437769 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 10 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 5 4 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 0.50 46.50 X X 0 624782 43865 ROBINSON F BROOKS JR DIRECTOR 0.50 1.00 X 0 0 0 ZINSKI LAURA DIRECTOR 0.50 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 WHITE TIMOTHY F SENIOR VP - DEVELOPMENT 0.50 46.50 X 0 377057 50654 HOBBES JASON W CORPORATE SECRETARY 0.50 46.50 X 0 218100 39603 GOLDSTROM MICHAEL SENIOR VP - REAL ESTATE 0.50 46.00 X 0 297129 43766 KURTA MARIAN D TREASURER 0.50 46.50 X 0 122235 33399 PINELLI CHRISTOPHER DIRECTOR, PROPERTY MGMT 0.50 46.00 X 0 179565 21649 HEINRICHER MICHAEL DIRECTOR, ASSET MANAGEMENT 0.50 46.50 X 0 160532 35928 BUECHLI JOHN CONSTRUCTION MANAGER 0.50 46.00 X 0 143149 34579 MILLER KEITH DIRECTOR OF SITE DEVELOPMENT 0.50 46.00 X 0 149368 35636 COOPER JENI DIRECTOR OF COMMUNITY INVESTMENT 0.50 46.00 X 0 127325 21555 JOYCE DENNIS M RET 62022 FORMER CHIEF OPERATING OFFICER 0.00 0.00 X 0 150000 0 0 2549242 360634 0 1 1 0 JONES LANG LASALLE BROCKERAGE INC 71700 TREASURY CENTER CHICAGO IL 606941700 BROKERAGE SERVICE 213602 1 X RENTAL INCOME 531120 2696580 2696580 SERVICE & MANAGEMENT 532000 550 550 2697130 LOAN FORGIVENESS 531390 4867280 4867280 MISCELLANEOUS 900099 4 4 4867284 7564414 7564414 0 0 150000 150000 50933 50933 67452 67452 4670 4670 165979 165979 879 879 296 296 184 184 1479526 1479526 1079760 1079760 40883 40883 TAXES 231151 231151 MAINTENANCE 120887 120887 UTILITIES 45169 45169 3437769 3437769 0 0 863407 1745178 29839 758786 176182 4970 4218 20295472 5335243 15637453 14960229 5500 0 17270116 16915646 11592 2036 186816 775331 18651715 13591640 18850123 14369007 X -1580007 2546639 -1580007 2546639 17270116 16915646 4126645 0 X 0 1 X 1 0 X X 1 REGIONAL INDUSTRIAL DEVELOPMENT CORPORATION 251033264 10 1 3437769 0 1 3437769 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 LTC 48 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 (SCHEDULE 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). 2438407 2438407 11263787 1883593 9380194 6547425 3433607 3113818 45853 18043 27810 14960229 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 THE TAX YEAR 2020 AND BEYOND REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE. 0 RIDC SW PA GROWTH FUND 267 KAPPA DRIVE PITTSBURGH PA 15238 251603768 501(C)(3) 150000 0 ACTUAL COST INCURRED N/A GENERAL OPERATING USE PART I, LINE 2: THE GRANT IS UNRESTRICTED AND NO SPECIAL CONDITIONS APPLY. THIS IS A ONE-TIME NON-RECURRING GRANT. NO FUTURE COMMITMENT IS MADE AND THE GRANT IS FULLY SATISFIED UPON DISBURSEMENT. 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 CONSTRUCTION MANAGER 0 134070 0 8500 0 579 0 9460 0 25119 0 177728 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 VIII, LINE 11A DURING 2016, 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. UNDER THE TERMS OF THE ARRANGEMENT, THE ORGANIZATION ISSUED QUALIFIED LOW-INCOME COMMUNITY INVESTMENT ("QLICI") NOTES PAYABLE TO THREE SEPARATE COMMUNITY DEVELOPMENT ENTITIES ("CDE") IN THE AMOUNT OF $12,660,000. DURING THE YEAR, $4,867,280 OF THE NOTES PAYABLE WERE EXTINGUISHED AS PART OF AN 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. RIDC LTC 48 LEVERAGED LENDER LLC 267 KAPPA DRIVE PITTSBURGH PA 15238 812003435 RE DEVELOPMENT PA 0 0 RIDC OF SOUTHWESTERN PENNSYLVANIA GROWTH FUND RIDC MILL 19A LEVERAGED LENDER LLC 267 KAPPA DRIVE PITTSBURGH PA 15238 320544577 RE DEVELOPMENT PA 0 0 RIDC OF SOUTHWESTERN PENNSYLVANIA GROWTH FUND RIDC MILL 19B LEVERAGE LENDER LLC 267 KAPPA DRIVE PITTSBURGH PA 15238 364914529 RE DEVELOPMENT PA 0 0 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 0 0 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 OF SOUTHWESTERN PENNSYLVANIA GROWTH FUND 267 KAPPA DRIVE PITTSBURGH PA 15238 251603768 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 0 0 1 0 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 RIDC OF SW PA GROWTH FUND 25-1603768 (LOAN BALANCES) E -83158 ACTUAL COST INCURRED RIDC OF SW PA GROWTH FUND 25-1603768 (PRINCIPAL DECREASE) E -89633 ACTUAL COST INCURRED RIDC OF SW PA GROWTH FUND 25-1603768 (GRANT) B 150000 ACTUAL COST INCURRED