HARRISBURG, PA – June 11, 2009 – (RealEstateRama) – Several brownfield sites in southwestern Pennsylvania will enjoy a rebirth with a $6 million state investment, Governor Edward G. Rendell said.
The Governor said Regional Industrial Development Corporation of Southwestern PA, or RIDC, will use the money to address the economic development needs of brownfield communities through the construction of single- and/or multi-tenant building projects for industrial, flex, and research and development-based companies located in Allegheny County.
“This new investment will bring life to land that has been dormant because of bad environmental practice,” Governor Rendell said. “Pennsylvania’s commitment will help spur private investments within these communities and a better future for all.
“The ability to redevelop existing, underutilized properties provides the space and capacity for future business growth and job creation.”
The $6 million loan, approved by the Commonwealth Financing Authority through the state’s Building PA fund—a real estate component of Governor Rendell’s original economic stimulus program, will provide important mezzanine financing for eligible projects. That financing will help grow and diversify the regional economy.
Some of the targeted investment projects include Keystone Commons, Industrial Center of McKeesport, City Center of Duquesne, Lawrenceville Tech Center and the LV Hazelwood site.
For more information on state investment programs available through the Department of Community and Economic Development, call 1-866-466-3972 or visit www.newpa.com.
The Rendell administration is committed to creating a first-rate public education system, protecting our most vulnerable citizens and continuing economic investment to support our communities and businesses. To find out more about Governor Rendell’s initiatives and to sign up for his weekly newsletter, visit www.governor.state.pa.us
Author: Theresa Elliott (DCED) 717-783-1132