Pennsylvania Governor Edward G. Rendell announced a new round of state investments November 16 that will help companies build or acquire new facilities in 10 counties, and help local economic development organizations attract new businesses to their areas.
This latest round of investments through the Pennsylvania Industrial Development Authority (PIDA) – totaling more than $16.6 million – will benefit 15 projects and will help create 541 new jobs, as well as to retain 447 jobs.
"Here in
"For nearly five decades, PIDA has been one of
Working through local industrial development corporations, PIDA provides low-interest loans for land and building acquisition, or construction and renovation projects. PIDA targets manufacturers, industrial developers, research and development firms, agricultural processors and employers establishing national or regional headquarters within the commonwealth.
Throughout its 50-year history, the authority has invested more than $2.3 billion – leveraging an additional $7.2 billion in local and private capital – to build more than 300 industrial parks and business incubators across the state. On average, PIDA invests $46.5 million annually. It has also helped to create and retain a total of more than 800,000 jobs throughout
The 15 projects approved November 16 include:
The Regional Industrial Development Corporation (RIDC) of
The RIDC will also receive a $2.25 million PIDA loan to help finance new construction at the former U.S. Steel Corp. National Tune Works site at the
Korean company Osstem Inc., a high-tech dental implant manufacturer, will establish its American headquarters in Fairless Hills with the help of a $1,710,300 PIDA loan. Funds will be used to cover the acquisition and renovation costs of a 155,000-square-foot building. The loan is part of a Governor's Action Team investment package totaling more than $12 million that is expected to create 200 jobs. The Bucks County Economic Development Corporation (BCEDC) is the sponsoring local economic development agency.
The BCEDC also received a $350,000 PIDA loan for building acquisition costs in
An $854,500 PIDA loan was awarded to the Johnstown Industrial Development Corporation to acquire and develop 63 acres at the
United Industrial Electro-Mechanical Services, Inc., a designer and manufacturer of aluminum, carbon steel and stainless steel products, will receive a $532,891 PIDA loan for building acquisition costs in
AFS Properties, the beneficial owner of the metal power boiler manufacturer Advanced Fabrication Services Inc., will receive a $295,000 PIDA loan to acquire the building it currently leases in Lemoyne Borough. The company's 27 employees will be retained and three new jobs will be created through this project. The Capital Region Economic Development Corporation is the sponsoring economic development agency.
AMZ Unlimited, the beneficial owner of the structural steel/precast erectors manufacturer S&R Enterprises LLC, will receive a $316,000 PIDA loan to finance the purchase of its building. The company will retain 43 employees and create 14 new jobs with the project. The Capital Region Economic Development Corporation is the sponsoring economic development agency.
Omega Realty Holdings LP, the beneficial owner of molding manufacturer Omega Plastics LLC, will receive a $200,000 PIDA loan to purchase and renovate its current
A $2.25 million PIDA loan was provided to the Greater Erie Industrial Development Corporation for the purchase and renovation of a four-story building at the former International Paper site in
Chryst Holdings LLC/Bushong Property Management LLC, the beneficial owners of the warehouse and repackaging facility The Jay Group Inc., will receive a $2 million PIDA loan to construct a new facility in
F.R. Cascade Property Holdings LC, the beneficial owner of the vegetable producer Pos'Tiv Produce, Inc., will receive a $1,888,557 PIDA loan for renovations to its existing building in
Genesis II Development Corporation, the beneficial owner of machinery builder Extreme Machine and Fabrication Inc., will receive a $1,115,893 PIDA loan to construct a new building in the City of
The beneficial owners of wooden millwork manufacturer Heister House Millworks Inc., Lorne and Leslie Nipple, will receive a $164,000 PIDA loan for an expansion project at their current facility in
Schvaro Realty Company, the beneficial owner of locomotive parts distributor Hardinger Transfer Company Inc., will receive a $1,576,800 PIDA loan for the construction of a new facility in Barkeyville Borough. This will be the third facility the company has in the commonwealth, with the other two being in the city of
For information on PIDA and other DCED programs, visit http://www.newpa.com/ or call 866-GONEWPA.
The Rendell Administration is committed to creating a first-rate public education system, protecting our most vulnerable citizens and continuing economic investment to support our communities and businesses. To find out more about Rendell's initiatives and to sign up for his weekly newsletter, visit http://www.governor.state.pa.us/.
