The Pennsylvania Industrial Development Authority (PIDA) recently approved a 15-year, $2.05 million, 1.75 percent fixed interest rate PIDA loan for the Fay-Penn Economic Development Council.
Funds will be used for the construction of a speculative 100,500-square-foot light industrial multi-occupancy building. It will be built on land the council owns in the Fayette Business Park in Georges Township.
Once it is completed, the building will provide build-to-suit lease space that can accommodate 10 or more tenants. The project is expected to cost $4.1 million and will create approximately 250 full-time jobs.
The council said it is confident it quickly will find tenants to lease the space, considering existing manufacturing space in the area and the competitive demand for build-ready sites.
“To create jobs, businesses need room to grow, and the Commonwealth stands ready to provide assistance to developers constructing new offices and business facilities,” Gov. Tom Wolf said. “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 PIDA previously approved six loans for the council, all for projects in Fayette Business Park. Three were for the improvement and expansion of single-tenant buildings the council owns, and three were for the construction of speculative multi-occupancy buildings.