DCED: Investments in Business Site Development to Spur New Investment and Jobs

HARRISBURG, Pa., Jan. 26, 2012 /PRNewswire-USNewswire/ -- The Commonwealth Financing Authority (CFA) Board approved low-interest loans through the Business in Our Sites and PennWorks programs to support site redevelopment that is anticipated to create over 5,000 new jobs.

"The governor is committed to state government partnering with the private sector to spur job creation and economic growth in the commonwealth," said Department of Community and Economic Development Secretary C. Alan Walker. "These two programs are a great example of this model. Developing shovel-ready sites for new industry will position the commonwealth to attract new investment and jobs."

In August, the CFA voted to deploy funds that were available from loan repayments and projects that either did not use all of the awarded funding or did not proceed. Today, the CFA approved $36.3 million in low-interest loans through the Business in Our Sites (BOS) program and $4.7 million in grants and loans through the PennWorks program to support projects in nine counties. The projects are expected to create at least 5,054 jobs.

The BOS program provides low-interest loans for the acquisition and development of key sites for future use by businesses. PennWorks provides grants to municipalities and municipal authorities and loans to municipalities, municipal authorities, industrial development corporations and investor-owned water or wastewater enterprises for projects which construct, expand or improve water and wastewater infrastructure. Improvements must be directly related to an economic development project.

For more information about the CFA and other economic development initiatives in Pennsylvania, call 1-866-466-3972 or visit newPA.com.

Media contact: Steven Kratz; 717-783-1132

Editors Note: The BOS and PennWorks projects below were approved by the CFA:

Allegheny County

Allegheny County Airport Authority (ACAA) will construct three aircraft hangars and one single-story office building that will be used primarily for corporate tenants. The project is expected to create at least 200 new jobs. The ACAA will receive a $750,000, 20-year loan at 3 percent to remove contaminated soil from previous fueling operations, relocate sanitary sewer lines and remove the former foundation from the old terminal building.

Almono LP will create a mixed-use riverfront development that will include four interconnected business parks comprised of industrial, green tech and commercial space. The project is expected to create at least 590 new jobs. Almono will receive a $2 million, 20-year loan at 3 percent to construct a new access road designed to support vehicular and commercial traffic to a 178 acre brownfield site. The City of Pittsburgh will receive a $3 million PennWorks grant to consolidate water and sewer infrastructure at the site.

Greenville Commercial Properties LP will create 33 acres of shovel-ready sites at the former P&LE Railroad brownfield site in McKees Rock Borough. The project is expected to create at least 356 new jobs. Greenville will receive a $3.14 million, 20-year loan at 3 percent for site preparation and the construction of a storm water management system. McKees Rock Borough will receive a $984,795 PennWorks grant to make on-site sanitary sewer and water improvements.

Imperial Land Corporation (ILC) will extend infrastructure at the Woods Business Park in Findlay Township to capitalize on the growing Marcellus and Utica shale industries. The project is expected to create 400 new jobs. The ILC will receive a $4.8 million, 20-year loan at 3 percent to extend the access roadway, construct storm water facilities and install the necessary utilities to the site.

The Regional Industrial Development Corporation of Southwestern Pennsylvania (RIDC) will continue rehabilitating the former Westinghouse Electric Corporation site in East Pittsburgh Borough to create a complex for both large and small industrial companies. The project is projected to create at least 100 jobs. The RIDC will receive a $2 million, 20-year loan at 3 percent to construct a roadway, truck staging area, parking lot, sidewalk, storm drainage and lighting.

Armstrong County

The Armstrong County Industrial Development Authority (ACIDA) will continue development at the Northpointe Business Center in South Buffalo Township to attract commercial, manufacturing, light industrial and Marcellus Shale start-up companies. The project is expected to create at least 461 new jobs. The ACIDA will receive a $3 million, 20-year loan at 3 percent for site preparation, excavation and engineering.

Berks County

The Berks County Industrial Development Authority (BCIDA) will improve transportation infrastructure at the Berks 78 Industrial Park in Bethel Township. The project is expected to create 1,000 new jobs. The BCIDA will receive a $2 million, 20-year loan at 2 percent for the construction of roads, offsite traffic improvements and the installation of gas lines.

Dauphin County

The Susquehanna Area Regional Airport Authority (SARAA) will redevelop three sites located adjacent to and on the Harrisburg International Airport campus in Lower Swatera Township.  The project is expected to create at least 400 new jobs.  The SARAA will receive a $1.96 million, 20-year loan at 2 percent to demolish blighted structures on each of the three sites.

Erie County

The Greater Erie Industrial Development Corporation (GEIDC) will develop port and rail-served industrial properties in Albion to attract industrial prospects that need access to bulk transport via rail, river or the Great Lakes. The project is expected to create 49 new jobs. The GEIDC will receive a $1.22 million, 20-year loan at 2 percent to acquire 241 acres of land and demolish various structures.

The Greater Erie Industrial Development Corporation (GEIDC) will redevelop a 4.2 acre site for industrial and commercial use in the City of Erie. The project is expected to create at least 238 new jobs. The GEIDC will receive a $1.83 million, 20-year loan at 2 percent for demolition, asbestos abatement and engineering costs at the former Lord Corporation facility.

Fayette County

The Fay-Penn Economic Development Council will develop 81 acres for an industrial park in Upper Tyrone Township to attract industrial warehouse and manufacturing operations with a focus on natural gas and gas-related businesses. The project is expected to create at least 140 new jobs. Fay-Penn will receive a $1.86 million, 20-year loan at 2 percent for excavation and grading, sanitary sewer lines and the installation of sewage holding tanks, storm sewers, waters lines, gas trenching and electric, phone and cable lines.

Philadelphia County

701 W. Lehigh Partners LP will redevelop the former Thomas Edison High School in the City of Philadelphia to construct a 36,000-square-foot shopping center. The project is expected to create at least 70 new jobs. The firm will receive a $1.55 million, 20-year loan at 2 percent for site preparation, water, sewer and utility improvements, demolition of foundations, excavation and grading. 

Washington County

Meadows Landing Associates LP (MLA) will develop the Meadows Landing site in South Strabane Township for mixed use including light industrial, medical offices, distribution warehouses and office buildings. The project is expected to create at least 800 new jobs. MLA will receive a $2.12 million, 20-year loan at 3 percent for road construction, excavation, storm sewer construction, and the installation of gas and electric lines. South Strabane Township will receive a $745,062 PennWorks loan to install water and sanitary sewer lines to support the business park.

Westmoreland County

The Regional Industrial Development Corporation of Southwestern Pennsylvania (RIDC) will rehabilitate and renovate the former Sony Plant in East Huntingdon Township to develop a multi-tenant facility. The project is expected to create at least 250 new jobs. The RIDC will receive an $8 million, 20-year loan at 3 percent for demolition, modifications to existing mechanical, electrical and plumbing systems and general improvements to the existing building.

SOURCE Pennsylvania Department of Community & Economic Development