CADC reports strong financial position

CADC is in a strong financial position, allowing the organization to focus on its strategic plan, according to Executive Director Stephen Christian.

The corporation’s 2020 total assets sit at $15.9 million, Christian told members and community representatives last week at its 61st Annual Business Luncheon.

The Chambersburg Area Development Corporation is a not-for-profit corporation and a partner of the Greater Chambersburg Chamber of Commerce.

Christian said the organization is now focusing on workforce development projects, infrastructure upgrades and its relationship with the Chamber.

He reviewed CADC’s financial position, covered highlights from 2020 and identified its impact on the community. .

CDAC buildings earned an annual rental income of $963,000 and paid just over $268,000 in property taxes.

“We are pleased to report all of our buildings are fully leased, which enables CADC to focus on its
strategic plan,” said Christian.

Christian introduced the Chambersburg Chamber’s recent cooperative partnership with the Greencastle-Antrim Chamber, known as the Cumberland Valley Business Alliance (CVBA). He said it is a member-driven initiative that will strengthen the area’s business community.

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30 years of community investment

Christian also reviewed CADC’s 30 years of community investment, totaling more than $5.8 million. This includes the purchase of its third home with Habitat for Humanity of Franklin County’s Home Again Project. With a total community contribution of $246,500, CADC helped fund the three blighted properties. Habitat then remodeled and updated the homes for new owners.

CADC’s incoming president Bill Everly discussed the completed sale of the former Danfoss building to F&M Trust, announced in 2019. F&M plans to renovate the building into a state-of-the-art corporate campus.

With the sale, Franklin County Area Development Corp. and CADC formed a new entity, South Main Ventures, to renovate the former F&M building at 20 South Main Street in Chambersburg. Everly indicated several office units would be available for rent in late 2022 at the property.

CADC continues to focus on the needs of the community and the development of properties that
support a strong economy, as outlined in its strategic plan.

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CDAC priorities

The organization’s key priorities include :

  • strengthening the balance sheet,
  • building projects,
  • workforce development,
  • maintaining a strong partnership with the Greater Chambersburg Chamber of Commerce,
  • providing match funding for infrastructure upgrades to downtown,
  • an investment program,
  • downtown home ownership and
  • membership.

Since 1960, CADC has invested in real estate throughout the community and developed four business and commercial parks. In all, the businesses and industries provide more than 3,000 jobs.

Today, CADC’s buildings produce revenue that is used to advance CADC’s mission to enhance the economic health of the community. For more information, visit the organization’s web page.