Gov. Rendell Commits Nearly $5 Million to Spur Economic Growth in 5 Counties
HARRISBURG, January 10, 2008 – Governor Edward G. Rendell today said a new $5 million investment by the commonwealth will result in the creation and retention of nearly 400 jobs in five counties.
The low-interest loans from the Pennsylvania Industrial Development Authority will: help seven projects – primarily with companies in the manufacturing industry; leverage more than $8.6 million in private sector funding; and add more than 250,000 square feet of infrastructure.
“As the manufacturing sector evolves, the commonwealth must evolve with it,” Governor Rendell said. “Through PIDA, we are able to partner with companies to improve their short- and long-term growth, foster statewide economic development and job creation, and ensure Pennsylvania’s competitiveness in the global economy.”
PIDA loans provide capital for infrastructure acquisition, creation and renovation projects primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.
The following projects were approved at the January meeting:
Bucks County
A.E. Real Estate, beneficial-owner of polysilicon manufacturer AE Polysilicon Corporation, will receive a $2.25 million PIDA loan to renovate and expand a building in Falls Township. Relocating from New Jersey, the company will house its global headquarters in its new 16,000-square-foot facility. The $5.8 million project is expected to create 145 new jobs. This loan is a component of an $8.2 million Governor’s Action Team funding package. The Bucks County Economic Development Corporation is the sponsor of this project.
Crawford County
Moon Tool & Die Company Inc, a precision machining and mold design company, will receive a $400,000 PIDA loan to construct a new building in Vernon Township. Upon completion of the 17,000-square-foot facility, all 21 employees will be transferred to the new site. In addition, the $1 million project will create three new jobs. The Economic Progress Alliance of Crawford County is the local sponsoring agency.
Montgomery County
Welch Phoenixville LLC, beneficial-owner of biotechnology companies Mitos Technologies, Mito Molding and Mitos BioSystems, will receive a $642,177 PIDA loan for enhancements to a new facility in Upper Providence Township. The organizations will occupy half of the 40,000-square-foot building, which is currently under construction. All 24 existing employees will be transferred to the new site and 47 new jobs will be created. The Montgomery County Industrial Development Corporation is sponsoring this $2.1 million project.
Birchmont Real Estate LLC, beneficial-owner of particle micronizing manufacturers Custom Processing Services LLC, will receive a $590,000 PIDA loan to expand its facility in East Greenville. The $1.5 million project will add nearly 50,000 square feet, allowing for the creation of 18 new jobs and the retention of 37 jobs. The Montgomery County Industrial Development Corporation the local sponsoring agency.
Philadelphia County
The PIDC Financing Corporation will receive a $480,000 PIDA loan to acquire and renovate the former Domor Inc. facility in the Holmesburg neighborhood of Philadelphia. The $1.7 million project will redevelop 65,382 square feet of space that will be used for manufacturing or distribution purposes.
The Bernard Sign Corporation, a real estate sign manufacturer, will receive a $280,000 PIDA loan to acquire and renovate a building in the Allegheny West neighborhood of Philadelphia. The $700,000 project will enhance the 47,780-square-foot facility, which has been vacant since March. Upon completion, the entire operation and all 25 current employees will be transferred to the site. In addition, six new jobs will be created. The PIDC Financing Corporation is the sponsor of this project.
Somerset County
Guy Chemical Company Inc, a silicone gasket manufacturer, will receive a $332,778 PIDA loan to expand its building in Somerset Township. The 15,000-square-foot expansion will help retain all 37 positions and create an additional 20 new jobs. The total project cost is expected to be $863,946. The Somerset County Economic Development Council is the sponsor of this project.
Since 2003, PIDA has funded more than 350 projects with more than $337 million in loans. These investments have resulted in the creation of more than 8,100 new jobs and the retention of more than 26,800 jobs.
During its 50-year history, PIDA has invested more than $2.3 billion and has leveraged an additional $7.2 billion in local and private capital to build more than 300 industrial parks and business incubators in Pennsylvania. It also has helped to create and retain more than 800,000 jobs.
For information on the Pennsylvania Industrial Development Authority and other programs administered through the Department of Community and Economic Development, visit http://www.newpa.com/ or call 1-866-466-3972.
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Department:
Office of the Governor
Governor’s Press Office
Room 308 Main Capitol Building
Harrisburg, PA 17120
Contact:
Teresa Candori
(717)783-1116
