HARRISBURG, Pa., Sept. 17, 2013 /PRNewswire-USNewswire/ -- Governor Corbett announced today the approval of low-interest loans through the Commonwealth Financing Authority to support infrastructure improvements and site redevelopment that is anticipated to create nearly 6,000 new jobs statewide.
"The states that have quality infrastructure and shovel-ready sites are best positioned to attract new jobs and development," Corbett said. "Our partnership with the private sector will prepare nine sites for development and create nearly 6,000 new jobs – and because these are loans, the funding will be paid back to the commonwealth to reinvest in future job creating projects."
Today, the Commonwealth Financing Authority (CFA) approved $29.2 million in low-interest loans through the Business in Our Sites (BOS) Program in nine counties. The projects, located in Allegheny, Bedford, Bucks, Delaware, Lackawanna, Lehigh, Luzerne, Philadelphia and Westmoreland counties, are expected to create at least 5,997 jobs.
The BOS program provides low-interest loans for the acquisition and development of key sites for future use by businesses.
For more information about the CFA and other economic development initiatives in Pennsylvania, call 1-866-466-3972 or visit newPA.com.
Kelli Roberts, Governor's Office; 717-783-1116
Lyndsay Frank, DCED; 717-783-1132
Editor's Note: The CFA approved the BOS projects below:
Almono, LP will begin infrastructure improvements at the LTV Hazelwood site in Pittsburgh. Almono will receive a $5 million loan to make roadway improvements and improvements to the aging municipal and sanitary sewers, which involves eliminating unnecessary sewers and rerouting the active sewers into common corridors. The project is expected to create at least 1,020 new jobs.
The Bedford County Development Association (BCDA) will begin development of the Bedford County Business Park II in Bedford Township. The BCDA will receive a $2,739,350 loan for acquisition, excavating and grading, engineering, inspections, fees, legal costs and closing costs at the site. The project is expected to create 200 new jobs.
Bucks County Industrial Development Authority (BCIDA) will redevelop a former brownfield site located in Sellersville Borough. BCIDA will receive a $4,500,000 loan to acquire and redevelop the site including infrastructure improvements. The project is expected to create at least 1,100 new jobs.
Chadds Ford Investors LP will redevelop the site at Brandywine Mills in Concord and Chadds Ford townships. Chadds Ford Investors will receive a $4,759,000 loan for excavating, grading and environmental cleanup. The project is expected to create at least 948 new jobs.
Scranton Lackawanna Industrial Building Company (SLIBCO) will assist with infrastructure development of a 22.32-acre brownfield site in Jessup Borough. SLIBCO will receive a $1,357,240 loan to construct a new two-lane access road and a storm water collection system. The project is expected to create 250 new jobs.
TTG/TCH-Hamilton Crossings Associates, L.P. will construct a regional stormwater basin in Lower Macungie Township. Hamilton Crossings will receive a $3,662,308 loan for construction of erosion control; demolition; hazardous material removal; earthwork and soil testing; flushing of storm pipes; stone backfill of trenches; engineering and inspection. The project is expected to create 920 new jobs.
TCNE Metro Development, Inc. will redevelop the former Huber III & Huber IC sites located in Hanover Township. TCNE will receive a $3,500,000 loan for site developments and infrastructure improvements including traffic signals, road improvements, site grading, road paving and water and sewer improvements. The project is expected to create 1,119 new jobs.
Jarynn, L.P. will begin development of Plaza Allegheny, a mixed-use urban shopping center in the Fairhill section of Philadelphia. The Jarynn project will receive a $2,500,000 for site work including demolition, excavating, curbs, sidewalks, water systems, retaining walls, fencing, landscaping and electric. The project is expected to create 140 new jobs.
Kubrick Enterprises, LLC will redevelop the former Alcoa Research Lab site located in New Kensington. Kubrick Enterprises will receive a $1.2 million loan for acquisition; utility infrastructure improvements; demolition of and improvements to existing roof; engineering and administrative costs. The project is expected to create at least 300 new jobs.
SOURCE Pennsylvania Office of the Governor