Governor Rendell: State Investments Will Allow East Stroudsburg University, Lancaster County Developer to Create, Retain 775 Jobs

$4.1 Million in Loans to Help Two Development Projects Become Reality

HARRISBURG, Pa., Nov. 10 /PRNewswire-USNewswire/ -- Governor Edward G. Rendell today said new state investments totaling $4.1 million will help to create and retain 775 jobs as East Stroudsburg University builds a research and technology facility in Monroe County and blighted, vacant properties are redeveloped in Lancaster's downtown business district.

Together, the projects are worth nearly $20 million.

"The investments we are making today are helping to attract private investments in Monroe and Lancaster counties, revitalize our communities, and help put Pennsylvanians to work," said Governor Rendell. "These projects are turning vacant and blighted properties into homes and businesses that will contribute to the local tax base and providing the space and capacity for future job creation in cutting edge research and development, and business growth."

The Commonwealth Financing Authority, or CFA, approved the loans today under the state's Building PA fund, a real estate component of Governor Rendell's original economic stimulus program.

The Governor said the CFA approved a $2 million loan in Monroe County to Pocono Mountains Industries for the first phase of construction for the East Stroudsburg University Research and Technology Park, which will be a three-story research and technology facility that will offer 41,000 square feet of research and development/technology space.

The East Stroudsburg University Research and Technology Park will provide expanded business accelerator space within the Pocono Mountains Keystone Innovation Zone. It is projected that the project will house 223 jobs this year and an additional 518 jobs by 2011, for a total of 741 jobs.

In downtown Lancaster, EDC Finance Corp. will use a $2.1 million loan for Historic East Side Suites LP to redevelop three parcels in the first two blocks of East King Street. The tracts are located just east of the newly opened Lancaster County Convention Center and will provide 22,043 square feet of residential, 8,343 square feet of retail, and 4,951 square feet of commercial space, as well as 17 modern residential units.

"In addition to creating more than 30 new jobs, this redevelopment project carries additional significance due to its proximity to the Lancaster's new convention center and existing businesses," the Governor said.

Building PA provides crucial "gap financing" for viable economic development projects.

State funds are matched at least dollar-for-dollar by private equity. Through September, more than $136 million had been allocated for 24 projects throughout Pennsylvania.

For more information about economic development initiatives in Pennsylvania, call 1-866-466-3972 or visit www.newpa.com.

SOURCE Pennsylvania Office of the Governor