Pennsylvania Governor Rendell Announces Projects That Will Create 400 Jobs and Promote Tourism in Beaver County

CHIPPEWA, Pa., July 22 -- Gov. Edward G. Rendell today presented Chippewa Township with more than $1 million that will be used to promote economic development and tourism in Beaver County and will ultimately create 400 new jobs.

The governor announced $1.25 million from the Business in Our Sites program for development of the Beaver County Technology and Manufacturing Development Center and $100,000 from the First Industries program for the proposed expansion of the BeaveRun MotorSports Complex. Both programs are part of Gov. Rendell's innovative economic stimulus program.

"Business in Our Sites is one of the most useful tools in my economic stimulus package," Gov. Rendell said. "Funding through this program helps create shovel-ready sites in our towns and cities that attract emerging and expanding companies and proves beyond doubt that Pennsylvania is open for business. The First Industries Fund provides new resources to the tourism industry; an industry that has been traditionally under-funded, that provides more than 563,000 jobs for Pennsylvania families and is integral to Pennsylvania's overall economic growth and quality of life."

Chippewa Township will receive a $425,000 grant and an $825,000 loan for construction of the Beaver County Technology and Manufacturing Development Center, to be located on a 10.36-acre site in the township. The facility will include 100,000 square feet of manufacturing, incubator and office space. BOS funds will be used for the installation of utilities, infrastructure upgrades, construction of a driveway, excavation and telecommunications. More than 400 jobs will be created at this site.

Speed4U L.P. has been awarded a $100,000 planning grant for the BeaveRun MotorSports Complex in Big Beaver Borough. Completion of feasibility, planning and predevelopment studies will allow BeaveRun to pursue plans to expand the existing track complex. The expansion of the facility will attract more than 1,000 tourists to the area on an average three-day weekend. This $4.2 million project will likely result in over $6 million in new revenue to the region annually.

The Business in Our Sites program was created to provide funding to communities for the development of ready-to-build sites for new and expanding businesses. A $300 million funding pool of grants and loans is available to municipalities and redevelopment authorities for the acquisition and development of these sites. The program puts special emphasis on communities that lack the resources necessary to invest in site preparation and the renovation of brownfield sites in order to prevent urban sprawl.

Funds may be used to acquire land, conduct environmental assessment and remediation and perform demolition. The funds may also be used for site preparation activities and installation of infrastructure, including but not limited to sewer, water, storm water, utilities and telecommunications, both on site and as needed to bring service to the site. They may also be used for access roads or other necessary on-site and off-site transportation improvements. These include rail, costs associated with engineering, legal and other professional services and any other activities necessary to make a specific site ready for reuse.

The Tourism Program under First Industries provides $50 million in grants, loans and loan guarantees for businesses and nonprofit organizations engaged in tourism-related activities. Grants up to $250,000 are available to fund predevelopment and feasibility studies. Loans are available for costs associated with tourism-related projects, which include historic, heritage, cultural, sporting, amusement, nature, outdoor recreational, or retail destinations located in Pennsylvania; hospitality and restaurant establishments associated with those destinations; businesses that develop and market travel packages; and public/private partnerships formed to enhance or optimize the use of resources such as state-owned parks and state game lands. Applicants will also have access to loan guarantees up to $2.5 million or 50 percent of their outstanding project costs, whichever is less.

Together with other stimulus programs, Business in Our Sites and the First Industries Fund will provide Pennsylvania businesses with the necessary tools to prosper, create jobs and have a significant impact on the commonwealth's economy. The economic stimulus package targets $2.3 billion in public investments to leverage at least $5 billion worth of private sector investments in economic and community development projects.

The Commonwealth Financing Authority is a seven-member board, created to administer and fund projects from programs that are part of the Economic Stimulus Package. In addition to Business in Our Sites and the First Industries Fund, the CFA oversees PennWorks, the Tax Increment Financing (TIF) Guarantee, New PA Venture Capital Investment, New Pennsylvania Venture Guarantee, Building PA, and the Second Stage Loan programs.

For more information on stimulus programs, visit http://www.newpa.com/ or call 1-866-GO-NEWPA (1-866-466-3972).