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For Immediate Release
July 23, 2002

White Announces State Loan to Help Venango Economic Development Corp. Renovate Vacant Sugar Creek Building

Harrisburg – State Sen. Mary Jo White (R-21) announced the approval of a state loan to aid an economic development project in Sugar Creek Borough.

White said the Pennsylvania Industrial Development Authority has approved a $359,100 loan to the Venango Economic Development Corporation to acquire and renovate the former Reno Plastics Inc. building at 1535 Allegheny Ave.

VEDC plans to develop the property into a multi-occupancy building targeting light manufacturers.  It is estimated the facility will house two tenants, creating approximately 40 jobs.

“It’s important that we get idle property back on the tax rolls, creating jobs and expanding Sugar Creek’s tax base,” said White. “This low-interest loan will help the Venango Economic Development Corporation get the building in shape to attract employers.” 

White said the 60,000-square-foot building is located on 4.24 acres of property in the Oil Region state-designated enterprise zone. 

“VEDC is being aggressive to bring employers and jobs to the borough, and it’s right that PIDA is helping with the effort,” said White.  “We want this region to be known as a place where businesses can invest, and making available a renovated building in an enterprise zone is part of that effort.” 

PIDA provides low-interest loans through local industrial development corporations for land and building acquisition and construction or renovation, resulting in the retention or creation of jobs.

The program targets manufacturers, industrial developers, research-and-development firms, agricultural processors, or employers establishing a national or regional headquarters. 

CONTACT:

Leigh Ramsey (717) 787-9684