The Lycoming County Commissioners joined the city, Chamber of Commerce and the First Community Foundation of Pennsylvania (FCFP) in approving the Williamsport Investment Program summary of terms with Arctaris Impact Investors LLC, signaling that they are seeking to learn more about what the group is offering for the federal opportunity zones in the city.

“This is an opportunity and an exciting question for us to hear from the public about,” said commissioner Rick Mirabito.

Under the program, each of the four entities — the county, the city, FCFP and the Chamber would each put in about $1.25 million which would be added to the investment group’s $20 million to bring $25 million of investment to the community.

The investors then makes the decision where to invest the money, Mirabito explained.

Some of the examples of where the money could be spent cited by Mirabito, include: community-centric real estate, including downtown revitalization projects, such as mixed use residential, retail, commercial or industrial projects; and construction operation of real estate that supports health

outcomes such as grocery stores in food deserts or health facilities with an emphasis on underserved communities in the target investment area.

The process involves establishing an advisory board of people from the entities that are doing the investing along with others.

By approving the summary of terms at their meeting, the commissioners agreed to “move forward to explore it all, understanding that it’s non-binding,” Mirabito said.

“This is something we want to pursue, as the commissioner said, this is a non-binding agreement, but one that basically says, yes, we have an interest and yes, we have the financial capacity to do this. Then we would work over the next couple of months to finalize a legal document if we decide to move forward,” said Jennifer Wilson, president and CEO of FCFP, who was also at the meeting.

The Arctaris investment group has done social impact funding across the country, Wilson noted.

“They’ve done a lot of work in Erie, particularly with the Erie Community Foundation,” Wilson said.

“We really felt like this was a unique opportunity. We’ve seen what it’s done in some other communities,” she said.

There are three federal opportunity zones in Williamsport, which Mirabito said might have some county residents questioning why the county is being asked to contribute.

“The reality is that Williamsport is the economic engine of the county,” Mirabito said.

“When Williamsport goes up, this whole county grows. And, when Williamsport declines, the whole county declines,” he added.

“The county doesn’t thrive 100% unless its county seat is growing and thriving,” said commissioner Scott Metzger. “Williamsport is our county seat so it thrives, for the county to thrive.”