PA Governor Rendell Says New Investments Bringing Jobs, Increasing Opportunities in Pittsburgh, State College

HARRISBURG, Pa., Feb. 1  /PRNewswire-USNewswire/ -- Governor Edward G. Rendell today said as many as 1,900 permanent jobs and 239 temporary construction jobs will be created near the Pittsburgh International Airport, and a condominium project in State College will be helped now that commonwealth-guaranteed credit enhancements have been approved.

The commonwealth's support means companies involved in the projects will have improved market access and lower costs because the issuers of bonds and other indebtedness will know their investments will be repaid.

"In today's competitive economy, every advantage counts," the Governor said.  "Providing these guarantees to increase the warehouse and distribution capabilities of Pittsburgh's airport makes good business sense.  This project is great news for the region's economy and the hard-working Pennsylvanians who call that area home."

The Commonwealth Financing Agency approved a $5 million guarantee to the Redevelopment Authority of Allegheny County so it can build an access road, install utilities, mitigate on-site wetlands and streams, and lay the groundwork for an aircraft taxiway to connect the site to an extended Pittsburgh International runway, providing direct access to cargo buildings at the airport.

The other guarantee approved today is worth $4.9 million and was awarded to the Redevelopment Authority of the Borough of State College to cover costs related to Fraser Centre, a mixed-use facility with condos, parking spaces for their residents, office space, retail space, and a movie theater. The guarantee will cover the costs of installing curbs, sidewalks, lighting, trees and other infrastructure at the site.  The Centre County project is expected to create 30 new jobs.

"We are  constantly looking to support new projects that will sustain the momentum Pennsylvania's economy has gathered over the past five years," Governor Rendell said.  "These plans reinforce the idea that partnerships between the state and local officials allow the ideas with the biggest impact to become realities."

Tax increment financing projects must be located within a designated district on previously-utilized property or undeveloped property that is planned and zoned for development.  In addition, the revenue realized as a result of the project must be sufficient to offset the debt service amount.  The project's developers must also agree to create a certain number of permanent full-time jobs within the tax increment financing district.

Because financing risks associated with projects can be an obstacle for Pennsylvania's smaller communities, Governor Rendell created the guarantee program. It is one component of the Governor's $2.8 billion economic stimulus package, a series of grants, loans and other resources that give businesses and communities the tools they need to succeed and ultimately thrive in Pennsylvania.

For more information, visit http://www.newpa.com/ or call 1-866-466-3972.

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.  To find out more about Governor Rendell's initiatives and to sign up for his weekly newsletter, visit http://www.governor.state.pa.us/.

  CONTACT:
  Teresa Candori
  717-783-1116

  Janel Miller (DCED)
  717-783-1132


Pennsylvania Office of the Governor