Pennsylvania Industrial Development Authority Approves Low-Interest Loans To Spark Manufacturing Growth
The projects, a series of investments designed to spark manufacturing growth and support regional efforts to redevelop old and abandoned buildings, will result in more than $53.1 million in total investments. PIDA provides capital for building acquisition, construction and renovation work, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.
Governor Tom Corbett said, “To keep manufacturing moving forward, we will continue making targeted investments to ensure our manufacturers have access to the resources they need to grow and create jobs.”
The PIDA board approved the following projects:
The Adams County Economic Development Corporation was awarded a $1,212,116, 15-year loan at 2.25 percent, on behalf of Bream & Bear Operating Company, to expand at its current location in Biglerville, Pennsylvania. Bream & Bear Operating Company and Bream & Bear Ltd are joint ventures established in 2008 by the owners of Bear Mountain Orchards and the owners of Bream Orchards. The primary operation of the business is fruit storage for Bear Mountain Orchards, Inc. and Bream Orchards, Inc. The 31,782-square-foot expansion will include a total investment of $3,030,291 and is expected to create eight new jobs and retain 71 more positions.
In Allegheny County, The Regional Industrial Development Corporation of Southwestern Pennsylvania was awarded a $1,790,000, 15-year loan at four percent to construct a new building in Duquesne. The project involves the construction of a 30,000-square-foot building at the former U. S. Steel Duquesne Works site. Total site investment is estimated to be more than $5,033,546 and is projected to create 45 new jobs.
The Bucks County Economic Development Corporation was awarded a $600,000, 15-year loan at 2.25 percent, on behalf of Griff and Associates, L.P., to acquire and renovate an existing building in Falls Township. The company, which manufactures specialty papers and film, will acquire and renovate a 44,611-square-foot building, formerly the location of Ace Worldwide Moving and Storage. Total site investment will be more than $1.5 million and is expected to create 22 new jobs and retain 64 more positions.
In Dauphin County, Capital Region Economic Development Corporation was awarded a $1,505,000, 15-year loan at 2.25 percent, on behalf of Philadelphia Macaroni Company, to acquire and renovate existing building in the City of Harrisburg. The company, which manufactures a large assortment of pasta and noodles, will acquire and renovate a 149,753-square-foot building, the former location of Unilever’s pasta production facility. Total site investment will be more than $2,543,875 and is projected retain all of Unilever’s 43 employees at this site.
The Greater Erie Industrial Development Corporation was awarded a $2 million, 15-year loan at 2.25 percent, on Barrel O’ Fun Snack Foods Co. East, Inc., to acquire and renovate an existing facility in Waterford Township. The company, which manufactures consumer snack foods, will acquire and renovate a 163,000-square-foot facility, formerly the location of Troyer’s potato chip manufacturing plant. Total site investment will be more than $5,729,000 and is expected to create 87 new jobs.
In addition, the company also received a funding offer from the Governor’s Action Team that included a $275,000 Pennsylvania First Program grant, $174,000 in Job Creation Tax Credits and $39,150 in Guaranteed Free Training. Barrel O’ Fun has also applied for a $2 million, low-interest loan from the Machinery and Equipment Loan Fund.
In Luzerne County, Greater Hazleton CAN DO, Inc. was awarded a $285,000, 15-year loan at 2.25 percent, on behalf of GT Fabrication, Inc., to acquire an existing building in Dupont Borough. The company, which manufactures powder coats and assembles parts which are used in many different industrial and manufacturing applications, will acquire a 30,000-square-foot building approximately three miles away from its former site which was located in a flood plain. Total site investment will be more than $696,000 and is projected to retain all 14 positions.
The Greater Hazleton Community Area New Development Organization, Inc. was awarded a $2,225,030, 15-year loan at 2.25 percent to renovate an existing building. The project involves the renovation of an eight-story building located in downtown Hazleton. Total site investment will be more than $6,077,864 and is projected to create 160 new jobs.
The Philadelphia Industrial Development Corporation was awarded a $2,250,000, 15-year loan at 2.25 percent, on behalf of Dietz & Watson, to construct a 145,000-square-foot facility next to their current manufacturing facility in the City of Philadelphia. The project was coordinated by the Governor’s Action Team and was previously announced in June 2014. Total site investment will be more than $28 million and is projected to create 158 new jobs and retain 588 more positions.
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