Friday, October 27, 2017

Lyme Timber Company Receives $25.4M PennVest Loan To Put 9,362 Acres Of Forest Land In Conservation Easement, Create Jobs In 7 Counties

Gov. Tom Wolf Friday announced the investment of a $25.4 million loan from PennVEST for Lyme Timber Company to put over 9,362 acres of private forest land into a working forest conservation easement to help create over 50 new forestry jobs and leverage over $91 million of private investment in 7 counties.
The counties are: Cameron, Clinton, Elk, Jefferson, McKean, Potter and Venango.
The project will also serve to preserve, protect and improve water quality. The property includes an acid mine drainage restoration project within the Sterling Run tract.
“This is an example of how government and private sector interests can intersect to protect the environment, and improve water quality as we help preserve important segments of our forested areas all the while creating jobs and economic opportunities as they are managed for future generations,” said Gov. Wolf.
“The Department of Conservation and Natural Resources Bureau of Forestry has been working closely with PennVEST, the Department of Environmental Protection, local officials and industry leaders to help pull together this important project that will provide working conservation easements to allow sustainable forestry, protect high quality streams, and mitigate acid mine drainage,” said DCNR Secretary Cindy Adam Dunn.
Dunn noted that a conservation easement limits certain uses or prevents subdivision and fragmentation from taking place on the land, which still remains in private hands to continue to provide economic benefits in the form of jobs and property taxes.
The funding for this project comes from a combination of state funds approved by voters, federal grants to PennVEST from the Environmental Protection Agency and recycled loan repayments from previous PennVEST funding awards. Funds for the projects are disbursed after bills for work have been paid and receipts submitted to PennVEST.
For more information on grant and loan funding opportunities for water infrastructure, visit the PennVEST website or call 717-783-6798.

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