Harrisburg, PA – Governor Tom Wolf announced today that the Commonwealth Financing Authority (CFA) approved nearly $23 million in low-interest loans to support five new Business in Our Sites (BOS) projects that are projected to create at least 1,156 new, full-time jobs.
“Through the Business in Our Sites program, we are able to grow Pennsylvania’s inventory of ready-to-go business locations,” said Governor Wolf. “This is of great importance since often times the companies interested in relocating to the commonwealth or growing their existing operations are looking to do so in a short timeframe. They are not always able to wait while a new site is prepared, and BOS presents them with expedited options to meet their needs.”
Today, the CFA approved BOS loans in Allegheny, Monroe, Montgomery, and Westmoreland counties total $22,909,925 and are projected to result in more than $61 million in economic investments.
The Regional Industrial Development Corporation of Southwestern Pennsylvania was awarded a $5 million loan to assist with the rehabilitation of the S-Building and the South Shop structure at Keystone Commons located in East Pittsburgh Borough. As part of the overall objective to convert the complex into a multi-use, urban industrial center for large and small industrial companies, BOS fund will be used for the removal of demolished buildings’ foundations, soil removal, and storm water drainage systems in areas surrounding the two buildings. Additionally, improvements will be completed on the S-Building and South Shop, including the installation of new windows, elevator upgrades, structure stabilization, and façade work. The project, with a total estimated cost of $5 million, will is projected to create at least 30 new jobs.
WVTE, LLC was awarded a $1 million loan to assist with redevelopment of the former Henry Miller Springs building located in Sharpsburg Borough, a brownfield site that consists of 6 acres with approximately 95,000-square-feet of industrial space. Funds will be used to widen the site’s access roads, install of new exterior siding and concrete ramps, and make tenant improvements for the light manufacturing and warehouse and distribution industries. The project, with a total estimated cost of $1.45 million, will create at least 50 new jobs.
The Monroe County Industrial Development Authority (MCIDA) was awarded a $5,925,000 loan on behalf of DEPG Smithfield Master, L.P. to assist with the acquisition and site preparation of the Smithfield Gateway project located in Smithfield Township for development of a mixed-use business park on 122 acres of undeveloped land. BOS funds will be used for the acquisition of properties totaling 32 acres, site preparation, engineering, and administrative costs. The project, with a total estimated cost of $36,455,706, will create at least 954 new jobs.
Rolling Mill, LLC was awarded a $2,984,925 loan to assist in the redevelopment of the former Pencoyd Iron Works site located in Lower Merion Township for the construction of two hotels, planned community facilities, and industrial heritage site preservation. BOS funds will be used for demolition, excavation, and grading; environmental cleanup; and the construction of roads and streets and water, sewer, storm water, and electrical utilities. The project, with a total estimated cost of $9,602,934, will create at least 22 new jobs.
The RIDC Regional Growth Fund was awarded an $8 million loan to continue renovations of the former Sony Plant in East Huntington Township. Renovations include existing structure demolition and rehabilitation, construction of new loading docks and bays, and tenant space conversion to accommodate the facility’s new clients. The project, with a total estimated cost of $8.75 million is projected to create at least 100 new jobs.
Additionally, the board approved changes to the BOS guidelines at today’s meeting prompted by the recapitalization of the program secured by Governor Wolf as a part of the 2016-17 budget package. Funded through the reallocation from underutilized programs, $75 million in critical funding will be infused into the BOS program to support business development efforts.
The new allocation provides the opportunity to utilize up to one-third for grant funding, and will be in open for applications November 1.
The BOS recapitalization is expected to create 6,519 jobs and lead to $487.2 million in private investment throughout Pennsylvania. Since 2004, projects funded through this initiative have created more than 22,000 jobs and secured $2.2 billion in private investments.
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