Pennsylvania Gov. Edward G. Rendell announced a $2.04 million in Business in Our Sites funds to TecPort Partners, L.P. to support construction of the third stage of the TecPort Business Center that will add at least 2,500 more jobs in addition to the 2,500 already created.
“Through the Business in Our Sites program, we are empowering communities throughout Pennsylvania to attract growing and expanding businesses,” said Rendell. “Through this program, we provide the necessary tools to develop shovel-ready sites to accommodate expanding businesses. By having sites that are ready to accommodate economic investment, we are building the local and regional economy and ultimately creating jobs.”
Business in Our Sites funds will be used for the construction of a new municipally owned road; mass grading; expansion of public utilities including water, sewer, telecommunications, gas and electricity; landscaping; and reconstruction of existing facilities.
Crossgates Inc. and Computer Aid Inc., developers under the TecPort name, are receiving a $1.02 million loan and a $1.02 million grant to assist with redevelopment. The third and final phase is the development of Class A office building space on the 35-acre site, which is located in an Enterprise Zone. More than 5,000 jobs will be created in the TecPort Business Center when the final stage of the project is completed next year.
Four years into executing the 10-year master site plan, which includes three major facilities with numerous supportive amenities, two-thirds of the build-out has been achieved with completion of the campus projected within two years.
“We’re seeing our vision of TecPort become a reality,” said Gregg Schwotzer, president of Crossgates. “Technology is alive and well in central Pennsylvania, and we’re proud to be a partner of the growth that is critical to this region.”
The Business in Our Sites program was created to provide funding to communities for the development of ready-to-build sites for new and expanding businesses. A $300 million funding pool of grants and loans is available to municipalities and redevelopment authorities for the acquisition and development of these sites. The program puts special emphasis on communities that lack the resources necessary to invest in site preparation and the renovation of brownfield sites in order to prevent urban sprawl.
Funds may be used to acquire land, conduct environmental assessment and remediation, and perform demolition. The funds may also be used for site preparation activities and installation of infrastructure, including but not limited to sewer, water, storm water, utilities and telecommunications, both on site and as needed to bring service to the site.
They may also be used for access roads or other necessary on-site and off-site transportation improvements. These include rail, costs associated with engineering, legal and other professional services and any other activities necessary to make a specific site ready for reuse. To date, the Commonwealth Financing Authority (CFA) has approved in excess of $159 million in funding for 65 BOS projects throughout the commonwealth.
The CFA is a seven-member board, created to administer and fund projects from programs created by Governor Rendell’s Economic Stimulus Package. In addition to Business in Our Sites, the CFA oversees the Tax Increment Financing Guarantee (TIF), First Industries Fund, New PA Venture Capital Investment, New Pennsylvania Venture Guarantee, Building PA, PennWorks and the Second Stage Loan programs.
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