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 loan. 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 economic-stimulus package. "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 programs. For more information on DCED programs, visit http://www.newPA.com, or call 1-866-GO-NEWPA (1-866-466-3972). CONTACT: Kate Philips, Pennsylvania Office of the Governor, +1-717-783-1116.
SOURCE Pennsylvania Office of the Governor