Pennsylvania Industrial Development Authority Awards Funding to Support Business Expansion and Job Creation in Fayette County
September 02, 2020
Governor Tom Wolf announced a new low-interest loan approval through the Pennsylvania Industrial Development Authority (PIDA) that will assist in the construction of a multi-occupancy building in Fayette County that could create up to 250 full-time jobs.
“To create jobs, businesses need room to grow, and the commonwealth stands ready to provide assistance to developers constructing new offices and business facilities,” said Gov. Wolf. “This investment will pay dividends in the years to come as companies relocate to Fayette County, bringing with them jobs, revenue, and new opportunities.”
The Fay-Penn Economic Development Council was approved for a $2.05 million PIDA loan at a 15-year, 1.75 percent fixed interest rate to construct a speculative 100,500-square-foot light industrial multi-occupancy building on land they currently own within the Fayette Business Park located along Mountain View Drive in Georges Township. The project will meet the immediate needs for businesses locating and expanding within Fayette County, and upon completion, the project will result in build-to-suit lease space that could accommodate 10 or more tenants with the potential for creating approximately 250 full-time jobs. The total project cost is $4.1 million.
Fay-Penn Economic Development Council has six previous PIDA loans all focused on the continued development of the Fayette Business Park. Three loans were used to construct speculative multi-occupancy buildings and three loans were used to improve and expand single-tenant buildings owned by Fay-Penn.
Given the competitive demand for build-ready sites and existing manufacturing space in the area, Fay-Penn is confident they will find tenants to lease the space quickly.
In 2020, PIDA has approved $24,909,714 in low-interest loans that have resulted in $40,630,562 in private investment and supported 1,056 created and retained full-time jobs.