Pennsylvania’s Industrial Development Authority Grants Spark Expansion Projects In Four Counties
PIDA, an independent authority staffed and regulated through the Pennsylvania Department of Community and Economic Development, approved $4.15 million in low-interest loans for the four projects, which are expected to create at least 109 jobs.
"The loans approved today by the PIDA board are critical for the growth of our small businesses," Economic Development Secretary Dennis Davin said.
The PIDA board approved the following loans at its September meeting:
In Allegheny County, the Regional Industrial Development Corporation of Southwestern Pennsylvania was awarded a $2,000,000, 15-year loan at 2.75 percent, on behalf of TruFood Mfg., Inc., a manufacturer of chocolate confections and nutrition bars. The firm plans to acquire a 155,000-square-foot building in O'Hara Township. According to state officials, company has experienced significant growth since becoming a top producer of nutrition bars for the U.S. and Canadian markets.
In September 2014, the company entered into a lease for additional manufacturing space at its facility on Gamma Drive. The expansion was a result of TruFood Mfg., Inc. entering into an expanded contract to produce private-label nutrition bars. The current lease runs through December 2015 and the company would like to purchase the facility rather than renew the existing lease. Total project cost is projected to be $9 million and will create 100 new jobs while retaining 192 existing positions.
In Berks County, The Greater Berks Development Fund was awarded a $1,350,000, 15-year loan at 2.75 percent, to acquire and develop 19.4 acres in the City of Reading.
The site is the former Glidden Paints property which previously had 67 buildings and was used for the manufacturing of latex, solvent-based paints, and resins. Closure of the site in 2007 left the site in need of cleanup and remediation. Development costs will include environmental remediation, sidewalks, curbs, lighting, and landscaping. Total project cost is projected to be $2,250,000.
In Lancaster County, The EDC Finance Corporation was awarded a $400,000, 15-year loan at 2.75 percent, on behalf of Triode Media Group Ltd. to acquire and renovate a 9,945-square-foot building in the City of Lancaster to serve as a workspace for creating digital media and content.
The facility will require substantial structural repairs and renovations to repurpose it into a digital media factory which will include a multi-soundstage, film, video, and recording studio for corporate clientele and the entertainment industry. Total project cost is projected to be $1,050,000, and will create nine new jobs while retaining three existing positions.
In Lebanon County, The Lebanon Valley Economic Development Corporation was awarded a $400,000, 15-year loan at 3.75 percent, on behalf of Little Hill Farm for the construction of two modern broiler houses in Bethel Township. Currently, the farm operates a dairy herd of approximately 90 cows and a crop operation of nearly 180-acres of land. Total project cost is projected to be $1,018,500.
The New Normal in the Automotive Supply Chain
2020 Auto/Aero Site Guide
Why are Foreign Trade Zones Making a Comeback?
34th Annual Corporate Survey & the 16th Annual Consultants Survey
Infrastructure Investment as an Economic Stimulus Tool
The Next Recovery: Regional Leaders & Laggards
2019 Top States for Doing Business: Georgia Ranks #1 Sixth Year in a Row