STATE COLLEGE, Pa., Aug. 18 /PRNewswire/ -- Pennsylvania Governor
Edward G. Rendell today presented checks totaling more than $2.78 million for
three community and economic-development projects during a visit to State
College, including $1.5 million for the State Theatre revitalization project.
"Funding for these projects is part of my ongoing commitment to change how
we do business in Pennsylvania," said Governor Rendell. "Through bipartisan
efforts, our goal from the beginning has been to develop an economic-stimulus
plan that will create jobs, retain talent, jumpstart the economy and position
Pennsylvania for success in the 21st century. Today, we put this plan to work
right here in Centre County."
State Theatre Inc. received $1.5 million through the Redevelopment
Assistance Capital Program (RACP) to convert a 67-year-old movie theatre into
a community performing arts center. The facility will provide high-quality
performing arts and film programming that is currently not available in the
State College area. The State Theatre, Performing Arts Center will also work
with the National Endowment of the Arts, Penn State University and other
organizations to provide conferences, lectures and other sessions.
RACP is a grant program administered by the Office of the Budget for the
acquisition and construction of regional economic, cultural, civic, and
historical improvement projects. The $640 million in RACP funding approved by
the Legislature in July is a vital component of the Governor's economic-
stimulus package, which leverages $2.3 billion in grants, loans and guarantees
over the next three years to generate an anticipated $5 billion in private-
sector investment to help start new businesses in Pennsylvania and help
existing companies expand here.
Omega Piezo Technologies will create at least 130 jobs and retain
11 employees when it expands operations in State College. The company will
accelerate commercialization of its nanotechnology products that are used in
consumer, industrial and military electronic systems. Created in 2002, Omega
Piezo Technologies produces thermal management components and systems and
micro fluid dispensers/pumps. The Governor's Action Team (GAT) worked with
the company to secure funding for its expansion project. The Department of
Community and Economic Development (DCED) offered a financial package totaling
$860,000 that includes $250,000 through the Machinery and Equipment Loan Fund
(MELF); a $300,000 Opportunity Grant; $260,000 in Job Creation Tax Credits
(JCTC); and $50,000 in Customized Job Training.
HyperNex, a nanotechnology company also based in State College, will
create 66 jobs within three years and retain 10 employees when it expands
operations. The technology-based firm develops and manufactures production
inspection equipment for the semiconductor industry using rapid x-ray
diffraction techniques at the sub-micron level. GAT worked with HyperNex to
secure expansion funding. DCED offered a $425,000 financial package that
includes a $225,000 Opportunity Grant and a $200,000 Small Business First
The Governor's Action team includes high-level economic-development
professionals who work with domestic and international businesses, as well as
professional site consultants on projects involving significant investment and
job creation opportunities. GAT works concurrently with the Governor's
"My administration is dedicated to providing the capital our communities
and businesses need to grow in order to become attractive places for
Pennsylvanians to live, work and play," said Governor Rendell. "This in turn
will draw the private sector into our programs and our projects and continue
to inject new life into our economy."
The following stimulus programs were passed by the full Legislature:
Business in Our Sites; Building PA; New PA Venture Guarantee Program; New PA
Venture Capital Investment Program; First Industries Fund; 2nd Stage Loan
Program; Tax Increment Financing Guarantee Program; and the Infrastructure &
Facilities Improvement Program.
These programs join other pieces of the overall stimulus program passed in
December and February, including the Elm Street program, Keystone Innovation
Zones, the expanded Research and Development Tax Credit, the Base Retention
and Conversion program and Core Industries.
The majority of the package programs will be administered through DCED.
The new legislation also includes the creation of a Commonwealth Financing
Authority that will be responsible for financing and oversight of the
For more information on DCED programs, visit http://www.newPA.com, or call
CONTACT: Kate Philips, Pennsylvania Office of the Governor,
SOURCE Pennsylvania Office of the Governor