10/09/2019 | Press release | Distributed by Public on 10/09/2019 09:06
Harrisburg, PA - Today, Governor Tom Wolf announced new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) for eight businesses in five counties. The loans will enable the purchase, construction, and renovation of facilities and will help create and retain thousands of jobs across the commonwealth.
'By making continued investments in projects across the commonwealth, we're creating jobs, supporting businesses, and making Pennsylvania a better place to live and work every day,' said Gov. Wolf. 'These projects will benefit both businesses and their surrounding communities, providing welcome economic boosts in these regions.'
The following loans were approved:
Greater Berks Development Fund was approved for two $2.25 million, 15-year PIDA loans at a 2.75 fixed interest rate to acquire a 66.29-acre parcel of land in Ontelaunee Township. The land was previously owned by F&G Family Farm, LP and used for agricultural purposes but has been rezoned industrial commercial. This project involves the acquisition of an adjacent tract of land totaling 56.34 acres to be known as the Ontelaunee Industrial Park II. Following the purchase of both tracts, the Greater Berks Development Fund will develop the more than 122 acres into two industrial parks. The parks will be located at the southeast corner of the intersection of Routes 61 and 73. The complete build out of the parks, estimated to take five to seven years, will result in over one million square feet of new manufacturing and warehouse space being created, and the creation of between 800 and 1,000 full time jobs.
Curry Supply Holdings, Inc., a specialized custom service truck manufacturer, was approved for a $1.55 million, 15-year PIDA loan at a 1.75 percent reset rate through Altoona-Blair County Development Corporation for the renovation of a 34,000-square-foot building in downtown Altoona. Affiliate entity Curry Design, a manufacturer of vinyl exterior decals used in the automotive and trucking industry, will also move its operations to the new Altoona location. The total project cost is $4,029,510. Curry Supply Holdings and Curry Design are expected to retain 30 full-time jobs and create 10 full-time jobs within three years.
Siegel Insurance, Inc., an independent insurance agency, was approved for a $591,100, 15-year PIDA loan at a 1.75 percent reset rate through Northwest Pennsylvania Regional Planning & Development Commission to assist in the construction of a new 6,980-square-foot office building in Paint Township. The project will allow for significant improvements in efficiency and help the company to pursue its growth initiatives. The total project cost is $1,182,200. The company is expected to retain 23 full-time jobs and create two full-time jobs within three years.
Pod 1 at Rock Lititz LLC was approved for a $2 million, 15-year PIDA loan at a 1.75 percent reset rate through EDC Finance Corporation to construct a 113,110-square-foot single tenant building in Warwick Township. Pod 1 will be the fourth condo developed on the Rock Lititz campus and will contain two stand-alone buildings including a 113,110-square-foot flex space built for a specific tenant, Clair Global Corp., as well as a 61,977-square-foot multi-tenant building which will include the campus's third rehearsal studio. While the overall project budget includes the construction of two stand-alone buildings, the PIDA loan proceeds will be used solely for the construction of the single tenant building which will be fully occupied by Clair Global Corp. The total project cost is $24,360,649 with additional funding from a $3,967,207 Building PA loan. Clair Global Corp. will retain 100 full-time jobs as a result of this project.
Pod 5 at Rock Lititz LLC was approved for a $2.25 million, 15-year PIDA loan at a 1.75 percent reset rate through EDC Finance Corporation to construct a 140,625-square-foot multi-occupancy building in Warwick Township. Pod 5 will be the fifth condo developed on the Rock Lititz campus and it will contain a multi-occupancy building that will be at least 78 percent pre-leased prior to construction. It is anticipated that 75 full-time jobs will occupy the facility once fully leased. The total project cost is $13,227,393 with additional funding coming from a $2,284,000 Building PA loan.
Phillips Graphic Finishing, LLC, a print finishing and bindery operation, was approved for a $1.28 million, 10-year PIDA loan at a 2.75 percent fixed rate through EDC Finance Corporation to assist with the purchase of its currently leased facility in Rapho Township. The company currently operates in the 55,000-square-foot building, and it purchase will allow the company to realize annual rent savings. The total project cost is $3,200,000. The company will retain 54 current full-time employees.
Tyber Medical, LLC, a private label orthopedic device company was approved for a $400,000, 10-year PIDA loan at a 2.75 percent fixed rate through Lehigh Valley Economic Investment Corporation to purchase machinery and equipment to be used at its new 35,000-square-foot leased manufacturing facility in Hanover Township. The new facility, adjacent to the current facility, will allow the company to begin the process of bringing manufacturing and packaging in-house to achieve greater control of its supply chain and quality control. The total project cost is $800,000. In June, Gov. Wolf announced that Tyber Medical would expand its manufacturing operation. The company plans to invest $3.8 million into the project, which is expected to create 44 new, full-time jobs and retain 35 existing jobs over the next three years.
PIDA provides low-interest loans and lines of credit to Pennsylvania businesses that commit to creating and retaining full-time jobs within the commonwealth, as well as for the development of industrial parks and multi-tenant facilities. Loan applications are packaged and underwritten by a network of certified economic development organizations (CEDOs) that partner with PIDA. PIDA is currently offering interest rates between 1.75 and 2.75 percent for applications received by December 31, 2019.
So far in 2019, PIDA has approved $34,896,080 in low-interest loans that have resulted in $56,040,740 in private investment and supported 1,145 created and retained full-time jobs. This month's meeting included the approval of eight projects totaling more than $12 million in five counties.