14A — January 29 - February 11, 2016 — Economic Development — M id A tlantic
Real Estate Journal
www.marejournal.com
E conomic D evelopment
Represent $9m of private investment in NJ’s economy Three projects approved by EDA Board add momentum
DCED announces PIDA- approved low-interest loans
million in private investment and supported 2,650 created and retained jobs. PIDA is an independent au- thority staffed and regulated through the Department of Community and Economic Development. The Authority provides capital for building acquisition, construction and renovation work, machinery and equipment loans along with working capital line of credit loans. Qualified applicants are eligible to select either a reset rate of 2.75% for the first seven years or a fixed rate of 3.75% for real estate financing, 3.75% fixed rate for equipment loans, 3.75% fixed rate loans for a 12-month period for working capital and accounts receivable lines of credit, and 2% fixed rate for pollution prevention and energy efficient loans. n “We are excited to be able to retain BerkleyNet here in Prince William County and to accommodate their future growth at their new head- quarters in Innovation Park. BerkleyNet’s expansion is a testament to our outstand- ing workforce in the County, particularly in the area of information technology. I’m confident that BerkleyNet’s new location will attract other technology based companies to the Innovation Park area,” said Corey Stewart , chair- man of the Prince William Board of County Supervisors. “The addition of BerkleyNet, which is a technology-based in- surance provider, will no doubt enhance the existing ecosys- tem of science and technology companies already located in Innovation Park,” said Jeff Kaczmarek , executive direc- tor, Prince William County Department of Economic Development . “This announcement has come on the heels of some other recent exciting develop- ments within Innovation Park. The addition of new restau- rants; the conversion of the historic Thomasson Barn into the County’s first destination brewery and beer garden by the 2 Silos Brewing Company; and the potential location of a commuter rail stop by the Virginia Railway Express, all bode well for the future of Innovation Park and its evolu- tion into a virtual town center,” added Kaczmarek. n economic growth, creating over 2,000 jobs.
HARRISBURG, PA — Department of Commu- nity and Economic Devel- opment secretary Dennis Davin announced that new state investments through the Pennsylvania Indus- trial Development Au- thority (PIDA) program will support the continued growth of Pennsylvania small businesses that are projected to create 165 new jobs and retain 152 jobs. Over the last month, PIDA approved more than $7 mil- lion in low-interest loans for eight projects in Adams, Al- legheny, Bradford, Hunting- don, Lancaster, and York counties that will generate more than $22.5 million in total investments. In 2015, PIDA approved $55.1 million in low-interest loans that resulted in $126 P R I N C E W I L L I AM COUNTY, VA — Prince Wil- liamCounty’s Innovation Park is set to welcome its new- est tenant – BerkleyNet, a member company of W. R. Berkley Corporation. Berk- leyNet has outgrown its cur- rent headquarters location in Woodbridge, Prince William County, and chose Innovation Park after an extensive search throughout Northern Virginia. Its new facility to be located at 9301 Innovation Dr., Manas- sas, will accommodate all 125. Due to be completed in 2017, its new 70,000 s/f facility, which will be known as Berk- leyNet Center @ Innovation Park, promises to be a state- of-the-art showpiece that will be a benchmark for future development in the Corporate Park according to developers, Buchanan Partners. “After four renovations to our existing office, it’s time to move our operations into a space that allows for improved collaboration and efficiency, creating a better fit for our corporate culture,” said Jim Gilbert, president & CEO of BerkleyNet, “We are happy to have found a location that will allow us to keep our roots in Prince William County.” Innovation Park, which is also home to the George Ma- son University Science and Technology Campus, has ex- perienced substantial growth since its inception and, with close to thirty corporate and institutional tenants, it has developed into a virtual em- ployment center and engine of
SCRANTON, PA — The Greater Scranton Cham- ber of Commerce and its affiliates, SLIBCO and The Scranton Plan , recently held a recognition ceremony for new incubator tenants for both the Scranton Enterprise Cen- ter and the TekRidge Center. “We are pleased to recognize our incubator clients in an ef- fort to bring attention to the significance of entrepreneur- ism in our community,” said Aaron Whitney , incubator facility manager for both the Scranton Enterprise Center and the TekRidge Center. “It is important to the Greater Scranton Chamber of Com- merce to support new and emerging businesses that create jobs that support our local economy. Our incuba- tor program offers affordable rent, educational seminars and access to a vast network of business professionals, among other amenities, to as- sist these companies so they may focus on their growth and success.” SLIBCO has a combined total of 11 incubator clients in both the Scranton Enterprise Center and the TekRidge Center. The total number of companies hosted in SLIBCO incubator buildings is 50, with more than 300 jobs created. The Scranton Enterprise Center is a state-of-the-art the New Jersey Economic Development Authority (EDA) for GrowNewJersey (Grow NJ) tax credits will contribute to momentum in sectors targeted for growth under the Economic Oppor- tunity Act (EOA), including manufacturing and logistics. “Projects advanced by the Board today will add to the traction the EOA has helped to create in targeted indus- tries,” said EDA chief execu- tive officer Melissa Orsen . “As projects approved earlier in the timeline of the EOA begin to hit milestones such as groundbreakings and rib- bon cuttings, these new ap- provals will continue that momentum.” Barry Callebaut USA LLC, a chocolate products manu- facturer, was approved for up RENTON, NJ — Three projects ap- proved by the Board of T
to $2.7 million in tax credits over ten years if it chooses to expand in Pennsauken, where it would produce a new product line at a second facility, creating 26 new jobs. The alternative would be to locate production of that line in Pennsylvania. Another manufacturer, ACME Cosmetic Components LLC, which produces metal components for cosmetic pack- aging, was approved for up to $4.5 million in Grow NJ tax credits over ten years to relocate from New York to Secaucus, bringing with it 60 new jobs. In the logistics industry, MAC Trailer Leasing may move to Newark, retaining 35 jobs in the State and creating 25 new jobs that may other- wise move to Pearl River, New York. MAC was approved for Grow NJ tax credits of up to $2.89 million over ten years to
remain in New Jersey. These three projects com- bined represent more than $9 million of private investment in the State’s economy. Orsen noted that to date, 63% of approved projects approved under Grow NJ received a bonus for being in one of the defined targeted industries, which also include finance, energy, technology and life sciences. The EDA is part of the state’s results-driven Partner- ship for Action. Created by Governor Christie and led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activ- ity in New Jersey and is com- prised of four interconnected and highly focused organiza- tional elements: Choose New Jersey, the Business Action Center, the Office of the Sec- retary of Higher Education and the EDA. n
New tenant joins Innovation Park in Prince William County
Greater Scranton Chamber of Commerce recognizes eight new incubator tenants
business facility in downtown Scranton. Constructed in 2003 and expanded in 2004, the facility houses several anchor tenants as well as a Business Incubator program for start- up and expanding small busi- nesses. Class A office space ranging in size from as small as 157 s/f to as large as 6,000 s/f is currently available for lease. The facility is located in a designated Keystone In- novation Zone. The TekRidge Center sup- ports the growth of relocating and expanding businesses within Lackawanna County, PA. Whether you are an an- chor tenant or leasing space within the building’s incuba- tor, The TekRidge Center at Jessup Small Business Center is a location of choice for com- panies looking to develop new and innovative technologies Eight new incubator clients were recognized during the ceremony that will further enhance the economic climate of North- eastern Pennsylvania. Busi- nesses located within the In- cubator space will receive the support, infrastructure, re- sources and guidance needed to achieve long-term success, the end goal of creating jobs, commercializing new tech- nologies and strengthening local and national economies. The TekRidge Center is conve- niently located off State Route 247, adjacent to US Route 6, and within 4 miles of Inter- states 81, 380 and 84. The eight new incubator clients recognized during the ceremony are Adil Analytics Inc., Conxx NE, Design-a-card. org, EcoIndustrial/Northeast Penn Supplies, Howell Design and Consulting Inc., MacDon- ald and Pell LLC, Otreva, and twobytwo Solutions. n
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