HARRISBURG, Pa., Aug. 5, 2015 /PRNewswire-USNewswire/ -- Department of Community and Economic Development Secretary Dennis Davin today announced that new state investments approved by the Pennsylvania Industrial Development Authority (PIDA) will support the continued growth of Pennsylvania businesses that are projected to create at least 73 new jobs and retain 69 more positions.
At the August meeting, PIDA approved more than $13.2 million in low-interest loans for 13 projects in Allegheny, Bedford, Blair, Bucks, Franklin, Lancaster, Perry, and Westmoreland counties that will generate more than $47.2 million in total investments.
"The funds approved today by the PIDA board will fuel the growth of these small businesses," said Davin. "Governor Wolf's proposed budget includes a much-needed funding increase to the PIDA program, which will provide even more small businesses with the resources they need to take advantage of future growth opportunities and for the private sector to continue to create new jobs."
In 2015, PIDA has approved $27 million in low-interest loans that have resulted in more than $57 million in private investment and supported over 1,800 created and retained jobs.
PIDA is an independent authority staffed and regulated through the Department of Community and Economic Development. The Authority provides capital for building acquisition, construction and renovation work, machinery and equipment loans along with working capital line of credit loans, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.
The PIDA board approved the following loans at its August meeting:
The Regional Industrial Development Corporation of Southwestern Pennsylvania was awarded a $2,062,669, 15-year loan at 2.25 percent, to renovate 87,910 square feet in the East Shop of the Keystone Commons in Turtle Creek Borough. Total project cost is projected to be $4,125,338.
The Regional Industrial Development Corporation of Southwestern Pennsylvania was awarded a $767,331, 15-year loan at 2.25 percent, for an additional project to renovate 37,767 square feet in the Crane Shop of the Keystone Commons in Turtle Creek Borough. Total project cost is projected to be $1,534,662.
The Southern Alleghenies Planning & Development Commission was awarded a $400,000, 15-year loan at 2.25 percent, on behalf of Justin and Shelby Gochnour to acquire 113 acres which houses a dairy farm in South Woodbury Township. The Gochnours began operating the dairy farm in 2012 when they purchased the dairy herd and equipment. Total project cost is projected to be $950,000.
The Southern Alleghenies Planning & Development Commission was awarded a $200,000, 15-year loan at 2.25 percent, on behalf of Williamsburg Foods, LLC, to acquire and renovate a vacant 14,080-square-foot building in Martinsburg Borough. The company will extensively renovate the building, including installation of a new HVAC system, upgrading the electrical system, asbestos abatement, replacement of doors and windows, and installation of new insulation. New machinery and equipment will also be purchased for the site. The vacant building previously housed a grocery store and drug store, which upon its closure, left a void for the local community with the closest operating grocery store located more than fifteen miles away. Total project cost is projected to be $932,000 and will create two jobs and retain eight existing positions.
The Bucks County Economic Development Corporation was awarded a $1,050,000, 15-year loan at 2.25 percent, on behalf of Pendant Systems Limited Partnership to acquire and renovate a 35,600-square-foot building on 1.8 acres in the Bridgewater Industrial Park in Bensalem Township. Renovations will include a new security system, lighting, concrete replacement, doors, and renovations to the office area, a portion of which will support growth of a current tenant, Pendant Systems Manufacturing. Pendant Systems manufactures component parts for the lighting industry. The additional office space is expected to be fully leased within one year. Total project cost is projected to be $2,100,000.
The Franklin County Area Development Corporation was awarded a $1,400,000, 15-year loan at 3 percent, on behalf of Ground Spring, LLC, to purchase and renovate a 40,672-square-foot building on 5.47 acres in Greene Township. The building is less than five miles from the company's existing locations. Ground Spring will lease 8,000-square-feet to Advantage Healthcare Solutions, Inc., a medical billing company; and 2,400-square-feet to Rippin Lips, a manufacturer of catfish bait. The remaining space will be occupied by International Marketing, which manufactures tire and wheel maintenance equipment. Total project cost is projected to be $2,918,063, and will create eight jobs and will retain 29 existing positions.
The EDC Finance Corporation was awarded a $1,462,500, 15-year loan at 2.25 percent, on behalf of RLB Ventures, Inc., a manufacturer of store fixtures, point of purchase displays, and custom commercial casework, to acquire and renovate a 67,260-square-foot building on 6.7 acres of land in East Cocalico Township, approximately 26 miles away from its current location. The new facility design and modern layout will increase production output and efficiency.
Total project cost is projected to be $3,250,000, and will create ten new jobs while retaining 32 existing positions.
The EDC Finance Corporation was awarded a $400,000, 15-year loan at 3 percent, on behalf of C. Donald Wissler III and Holly Wissler to purchase a 77 acre farm in Martic Township. The purchase will allow the Wisslers to add 50 tillable acres to their crop farming production. The Wisslers currently grow corn, apples, raspberries, blueberries, and strawberries. Their current operation also includes two 35,000 bird layer houses and a small beef cattle operation. Total project cost is projected to be $1,050,000.
The EDC Finance Corporation was awarded a $200,000, 15-year loan at 2.25 percent, on behalf of Joshua and Britni Akers to purchase a 158-acre farm in East Drumore Township. The Akers currently operate a crop farm and duck production facility on the site. Total project cost is projected to be $1,000,000.
The EDC Finance Corporation was awarded a $2,250,000, 10-year loan at 2.25 percent, on behalf of Pod #2 at Rock Lititz, LP to construct a 252,000-square-foot building on 10 acres in Warwick Township. This is part of a 96-acre complex dedicated to companies providing products and services for live events. The building will be occupied by 18-30 live event technology companies, and will allow for the collaboration of the various companies providing stage, audio, and video components for live events. Total project cost is projected to be $18,284,000.
The SEDA Council of Governments was awarded a $300,000, 15-year loan at 2.25 percent, on behalf of Jason and Rhonda Saylor to construct a 27,500-square-foot pullet house on their farm in Liverpool Township. The Saylors operate a 423-acre farm that includes two pullet houses, beef cattle, and a large crop operation. The property has been farmed by Rhonda Saylor's family for more than 140 years. Total project cost is projected to be $600,000.
The Capital Region Economic Development Corporation was awarded a $400,000, 15-year loan at 2.25 percent, on behalf of Dennis and Lawanda Nolt to construct two layer houses totaling 57,456 square feet on approximately 8 acres of their poultry farm in Greenwood Township. The Nolts have signed a contract with Heritage Poultry Management Systems to produce organic cage free eggs for Natural Lay Eggs. Total project cost is projected to be $1,780,000.
The Economic Growth Connection of Westmoreland was awarded a $2,000,000, 15-year loan at 2.25 percent, on behalf of The Ames Companies, Inc. to purchase a lumber mill and the former Babcock Lumber Company in Donegal Township, which ceased operations at the end of 2014. The company plans to call back as many of the former employees as possible. A $400,000, 10-year loan at 3 percent, was also approved for the acquisition of machinery and equipment. The company expects to add $3.4 million in new equipment. Total project cost is projected to be $8,754,435, and will create 53 new jobs.
For more information about the Pennsylvania Industrial Development Authority, visit www.newPA.com.
Dan Carrigan, DCED, 717-783-1132
SOURCE Pennsylvania Department of Community & Economic Development