HARRISBURG (100.1 FM and AM 1020 KDKA) — On Wednesday, Governor Tom Wolf announced the approval of low-interest loans for three Pennsylvania counties.
The nearly $5.4 million in disbursement will come via the Pennsylvania Industrial Development Authority (PIDA) and will aid businesses in the approved counties.
The loans were approved to "create and retain jobs, expand their operations, and provide business services to their communities."
So far in 2021, 63 jobs have been created or maintained through the low-interest PIDA loans.
Additionally, there has been $1.4 million in private investment.
"It has never been more critical for Pennsylvania to invest in its businesses, both large and small, to help them improve and expand their operations," stated Wolf. "The projects approved today will help four businesses grow in their communities, creating good jobs and providing new spaces to do business in the commonwealth."
The following counties and their respective projects have been approved for the loans:
Berks County
The Greater Berks Development Fund was approved for a $750,000 15-year loan at a 1.75 percent fixed rate to acquire four parcels of land totaling 1.39 acres in Ontelaunee Township. The four parcels will be combined with an adjacent 56.34-acre parcel, the project site of an industrial park project approved by the PIDA board in October 2019. This addition will serve as a critical contribution to the overall marketability of the property, as it will allow for the overall footprint of any potential development to be increased by more than 100,000 square feet. The total project cost is $1 million and includes acquisition, demolition, and environmental remediation costs.
GMS Environmental, LLC—a third-party vendor for large trash haulers responsible for the repair and refurbishment of containers and compactors—through Greater Berks Development Fund, was approved for a $375,000 15-year loan at a 0.75 percent reset rate to acquire a 37-acre parcel and construct a 5,000-square-foot building in Hereford Township. The purchase of the property and construction of the building will make it possible for GMS to operate in an industrial area and bring business directly to them, allowing them to scale and grow their business. The total project cost is $1,064,404, and GMS has committed to retaining their five current employees and creating four new full-time jobs within three years.
Erie County
Real estate holding company AnDi LLC, through Enterprise Development Center of Erie County, Inc., was approved for a $2.25 million 15-year loan at a 0.75 percent reset rate to purchase 12.32 acres located in Fairview Business Park in Fairview, Erie County. The company plans to construct a 95,500-square-foot distribution facility, which will be leased to a single tenant, GWD Acquisition, Inc., d/b/a Allegheny Beverage Company, under a 15-year lease agreement. Approximately 10,000 square feet of the new facility will be utilized as office space, while the remaining space will be used as a modern warehouse. The total project cost is $7,850,000. As a single-tenant building project, the loan will be subject to the retention of Allegheny Beverage Company's 70 full-time employees from their current Erie location and the creation of 10 full-time employees within three years.
Fayette County
Fay-Penn Economic Development Council was approved for a $2 million 15-year loan at a 1.75 percent fixed rate to renovate an existing 40,730-square-foot single tenant building located in the University Business Park in Lemont Furnace. The project also involves the construction of an additional 30,500 square feet to the existing building. The building, when completed, will be leased to Advanced Acoustic Concepts, LLC, a manufacturer of Undersea Warfare Solutions. The total project cost is $5,941,304, and as a single tenant developer project, Advanced Acoustic Concepts, LLC has committed to retain 120 full-time employees within three years.
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