State to Invest $5 Million in Beaver County
RealEstateRama   -   Real Estate   -   Government   -   Nonprofit   -   Web

State to Invest $5 Million in Beaver County

CENTER TOWNSHIP – The Department of Community and Economic Development today announced a $5 million state investment that will help transform 43 acres of vacant land in Beaver County into a retail complex that will include three national anchor stores and a mix of retailers and restaurants, potentially creating more than 1,000 jobs.

The Beaver County Economic Development Authority will receive $500,000 grants each year for the next 10 years, on behalf Phillipsburg Center Associates LP, the developer of the Stone Quarry Commons site. The funds will be used for infrastructure and site preparation, and to service debt associated with improvements in the development’s roads and water infrastructure.

“Not only will this project provide the region with a well-planned shopping venue that will complement existing retail facilities, it will also provide significant economic benefits for Chester Township and the surrounding region,” DCED Secretary Dennis Yablonsky said. “Projects like this one are a result of proactive state investments in economic development initiatives that enable private and public institutions to work together to create new jobs for the commonwealth’s hard-working men and women.”

The total project cost is estimated at more than $54 million and it is expected to create 1,031 jobs.

The state grants are from the Infrastructure Facilities Improvement Program, a vital component of Governor Rendell’s original $2.8 million economic stimulus package launched in 2004. Since the program’s inception, the Rendell administration has committed over $25 million to 24 projects that are projected to create over 30,000 jobs.

For information on IFIP and other DCED programs visit www.newPA.com or call 1-866-466-3972.

###
Department:
Department of Community & Economic Development
Commonwealth Keystone Building
400 North Street, 4th Floor
Harrisburg, PA 17120

SHARE

Pennsylvania RealEstateRama is an Internet based Real Estate News and Press Release distributor chanel of RealEstateRama for Pennsylvania Real Estate publishing community.

RealEstateRama staff editor manage to selection and verify the real estate news for State of Pennsylvania.

Contact:

Previous articleFHA Loan Limit Increase to Benefit Consumers
Next articleWithin 30 days of selling 380 Starr Road property, CBRE Brokers 10 year Lease of Entire Building