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FOR IMMEDIATE RELEASE |
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CONTACT: Gabrielle
A. Prutisto |
State Rep. Joseph
Brennan State Rep. Steve
Samuelson |
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Brennan and Samuelson announce $4 million in state revitalization funding
HARRISBURG, June 27 – State Reps. Joseph Brennan and Steve Samuelson, both D-Lehigh/Northampton, today announced that the Lehigh Valley Industrial Park Inc. has been approved for a $4 million state loan to help fund development at the Bethlehem Commerce Center.
LVIP will use the funds to invest in small businesses, post-incubator facilities and multi-tenant industrial flex buildings. The main focus will be attracting advanced technology firms to the area, with the goal of supporting the growth of firms that operate in the life sciences, high technology, advanced manufacturing and materials, and business services.
“Emerging companies will now be able to look toward the Lehigh Valley to further their mission of advanced technology,” Brennan added.” We welcome them with open arms.”
“Having this money up-front will bring a number of good quality jobs to our area, and that’s great news for the whole community,” Samuelson said.”
This loan is made available through the Building PA program, which provides a total of $150 million for real estate development in the state. The state money is matched by private investment, and the resulting $300 million serves as much-needed capital for developers committed to revitalizing existing buildings and infrastructure, particularly in small to mid-sized Pennsylvania communities.
The program is one of the 19 programs created under Gov. Ed Rendell’s innovative $2.8 billion economic stimulus package.
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