Friday, June 5, 2009
Local Development Corporation Gets State Loan
The Regional Industrial Development Corporation (RIDC) of Southwestern Pennsylvania is receiving a low-interest investment loan from the state. The funds will be used to further renovate the former Geoffrey Boehm Chocolate Co. building in Lawrenceville into a location viable for a local technology company. The ten-year, $1.9 million loan will come from the Pennsylvania Industrial Development Authority at a 4% percent interest rate, which RIDC President Don Smith says will save the new tenant money. “This will allow us to provide some very sophisticated infrastructure for this company at a cost that is more effective for them, allowing them to preserve some of their cash and invest it in creating new products and new jobs,” says Smith. Smith says the two-story building already houses three technology companies in the Lawrenceville neighborhood, and the addition of a fourth will bring it to nearly 80% capacity. The total cost of the project is $4.7 million.