BRISTOL TOWNSHIP, Pa., April 25 /PRNewswire/ -- PA Governor Edward G. Rendell today announced a $2.05 million state economic package that will create 250 jobs and retain 25 at AccuLogix LLC, a Bristol provider of clinical trial labeling, packaging and logistical services to the pharmaceutical and biopharmaceutical industries. The Governor also discussed the unprecedented economic-stimulus program that recently won overwhelming bipartisan approval from the General Assembly.
"The economic stimulus package, combined with our ongoing efforts on behalf of companies such as AccuLogix, create a one-two punch that will boost existing businesses, bring new ones to our Commonwealth and, best of all, put Pennsylvanians to work," said Governor Rendell, who was joined by Dennis Yablonsky, Secretary of Community and Economic Development. "It also helps fulfill one of the key promises I made to you when I ran for Governor two years ago: that we would reverse our alarmingly low rankings in job creation, and economic development; that we would stop the `brain drain' that robs our Commonwealth of our most promising young people; and that we would revive our dying cities and towns."
There are 318,000 people collecting unemployment benefits in Pennsylvania and tens of thousands more out of work. Pennsylvania currently ranks 42nd out of 50 states for job creation, and 48th out of 50 for economic development.
The Governor's Action Team, which is comprised of economic development professionals who report directly to Governor Rendell, worked with AccuLogix to expand its Bristol site rather than move its operation to an affiliated company site located in Long Island, NY.
AccuLogix will expand its current 40,000-square-foot leased facility to 80,000 square feet to accommodate two new areas of growth in its manufacturing and analytical lab sectors.
The Commonwealth is providing a financial package of $2.05 million toward this project that includes a $500,000 Opportunity Grant; $300,000 in Customized Job Training; $500,000 in Machinery and Equipment Loan Funds; and $750,000 in Job Creation Tax Credits.
AccuLogix will also be eligible for a $1.75 million Pennsylvania Industrial Development Authority loan contingent upon its securing of purchasing rights for the facility it currently leases in the Enterprise Zone of Bristol.
By leveraging $2 billion in grants, loans and guarantees over the next three years, the overall stimulus plan will generate an anticipated $5 billion in private-sector investment to help start new businesses in Pennsylvania and help existing companies expand here.
"We now have a Plan for a New Pennsylvania, and the tools we need to build it together," said Secretary Yablonsky. "This stimulus plan will focus resources on economic and community development projects across the state, spurring growth and creating new opportunities for Pennsylvanians."
The following programs were passed by the full Legislature: Business in Our Sites; Building PA; New PA Venture Guarantee Program; New PA Venture Capital Investment Program; First Industries Fund; 2nd Stage Loan Program; Tax Increment Financing (TIF) Guarantee Program; and the Infrastructure & Facilities Improvement Program.
These programs join other pieces of the overall stimulus program passed in December and February, including the Elm Street program, Keystone Innovation Zones, the expanded Research and Development Tax Credit, the Base Retention and Conversion program and Core Industries.
The majority of the package programs will be administered through the Department of Community and Economic Development. The new legislation also includes the creation of a Commonwealth Financing Authority that will be responsible for financing and oversight of the programs.
Only two programs contained in the Governor's stimulus package are still pending.
-- PennWorks, which will provide $250 million worth of loans and grants to job creation projects that require improvements in water and sewer systems. The Legislature has approved a statewide referendum on whether to adopt this program. The vote is April 27. -- Expansion of The Redevelopment Assistance Capital Program, a Commonwealth grant program administered by the Office of the Budget for the acquisition and construction of regional economic, cultural, civic and historical improvement projects.
In addition, to help Governor Rendell revive the state's economy, Citizens Bank of Pennsylvania recently launched an unprecedented public-private partnership with the Commonwealth - the Citizens Job Bank - in which Citizens will offer $100 million in loan funds at an extremely low interest rate to companies that commit to creating or expanding jobs in Pennsylvania.
The Citizens Job Bank requires borrowers to create a minimum of one full- time job for every $25,000 borrowed at the unmatched interest rate of 2.5 percent. The Bank's goal is to create more than 4,000 jobs in Pennsylvania within three years. Citizens is waiving all fees traditionally tied to loan applications as an additional incentive.
For more information on all of these programs, please visit the Department of Community and Economic Development Web Site at http://www.newpa.com/, or call 1-866-GO-NEWPA (1-866-466-3972).
CONTACT: Kate Philips
717-783-1116
Pennsylvania Office of the GovernorCONTACT: Kate Philips, Pennsylvania Office of the Governor,+1-717-783-1116
Web site: http://www.newpa.com/
Web site: http://www.state.pa.us/
