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January 10, 2008Pennsylvania Gov. Commits Nearly $5 Million to Spur Economic Growth in 5 Counties |
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From PR Newswire: Government and Policy: Governor Edward G. Rendell today said a new $5 million investment by the commonwealth will result in the creation and retention of nearly 400 jobs in five counties. The low-interest loans from the Pennsylvania Industrial Development Authority will: help seven projects -- primarily with companies in the manufacturing industry; leverage more than $8.6 million in private sector funding; and add more than 250,000 square feet of infrastructure. "Through PIDA, we are able to partner with companies to improve their short- and long-term growth, foster statewide economic development and job creation, and ensure Pennsylvania's competitiveness in the global economy." A.E. Real Estate, beneficial-owner of polysilicon manufacturer AE Polysilicon Corporation, will receive a $2.25 million PIDA loan to renovate and expand a building in Falls Township. Relocating from New Jersey, the company will house its global headquarters in its new 16,000-square-foot facility. The $5.8 million project is expected to create 145 new jobs. The Bucks County Economic Development Corporation is the sponsor of this project. Upon completion of the 17,000-square-foot facility, all 21 employees will be transferred to the new site. Welch Phoenixville LLC, beneficial-owner of biotechnology companies Mitos Technologies, Mito Molding and Mitos BioSystems, will receive a $642,177 PIDA loan for enhancements to a new facility in Upper Providence Township. The Montgomery County Industrial Development Corporation is sponsoring this $2.1 million project. The Rendell administration is committed to creating a first-rate public education system, protecting our most vulnerable citizens and continuing economic investment to support our communities and businesses.
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