FOR IMMEDIATE RELEASE
State Rep. Deberah Kula
Fay-Penn to receive $1.8 million loan for industrial park
DUNBAR, Feb. 2 – State Rep. Deberah Kula, D-Fayette/Westmoreland, announced that the Fay-Penn Economic Development Council has received a low-interest $1.857 million loan to develop the Upper Tyrone Township Industrial Park.
The 20-year loan was awarded through the state's Business in Our Sites Program, which helps communities develop shovel-ready sites to accommodate new businesses and create jobs.
"This is welcome news for Fayette County," Kula said. "The county has had its share of job losses over the last few years, and making a site job-ready will save time and money and help us attract new industry.
"And, with the major gas industry activity in the area, there is great potential for economic development. This funding also will help us address the lack of available existing space in the county to accommodate such future development," she said.
The 81-acre site is in the McClure area in the northern part of Fayette County. The new park will be developed into eight lots, with a focus on attracting industrial, warehouse/distribution and manufacturing types of operations.
The funding will be used for excavation and grading, improving an existing access road, building an internal road, and installing sanitary sewer lines, sewage holding tanks, storm sewers, water lines, gas trenching and lines for electric, phone and cable, as well as related engineering costs.
The loan will carry an interest rate of 2 percent.
The Commonwealth Financing Authority oversees the Business in Our Sites initiative which is a $300 million statewide loan and grant program. It is one of several programs it oversees aimed at using targeted state investment to attract private capital for economic development in all regions of the state and for all types of industries.