Governor Tom Wolf announced Monday that the Commonwealth Financing Authority (CFA) approved nearly $23 million in low-interest loans to support five new Business in Our Sites (BOS) projects that are projected to create at least 1,156 new, full-time jobs.
“Through the Business in Our Sites program, we are able to grow Pennsylvania’s inventory of ready-to-go business locations,” said Governor Wolf. “This is of great importance since often times the companies interested in relocating to the commonwealth or growing their existing operations are looking to do so in a short timeframe. They are not always able to wait while a new site is prepared, and BOS presents them with expedited options to meet their needs.”
Today, the CFA approved BOS loans in Allegheny, Monroe, Montgomery, and Westmoreland counties total $22,909,925 and are projected to result in more than $61 million in economic investments.
Pocono Mountains Industries, Inc. was awarded a $5,925,000 loan on behalf of DEPG Smithfield Master, L.P. to assist with the acquisition and site preparation of the Smithfield Gateway project located in Smithfield Township for development of a mixed-use business park on 122 acres of undeveloped land. BOS funds will be used for the acquisition of properties totaling 32 acres, site preparation, engineering, and administrative costs. The project, with a total estimated cost of $36,455,706, will create at least 954 new jobs.
“This approval was another piece to the puzzle we are putting together to assist Mr. DePetris with this major, game-changing project for Monroe County,” commented Chuck Leonard, Executive Director of Pocono Mountains Economic Development Corporation. “We are very pleased that it is all coming together will the strong support of our legislators, Senator Mario Scavello and Representative Rosemary Brown.”
Pocono Mountains Industries, Inc. is part of the Pocono Mountains Economic Development Corporation, a non-profit economic development corporation dedicated to creating jobs for Monroe County residents, expanding the county’s tax base, and attracting new investment with the direct support of the Monroe County Commissioners.