HARRISBURG – Gov. Edward G. Rendell said 43 new economic development projects will create more than 2,000 new jobs within three years and retain some 7,300 existing jobs in 24 counties. The commonwealth’s $35 million investment in these projects is projected to generate a return of more than $192 million in additional business investment.
In Clearfield County, these projects include Reed Norris Enterprises LLC, which purchased the assets of HydroSpray and relocated that company’s two Ohio-based manufacturing operations to Clearfield, in the 20,000 square foot former FCI building. Operations of the car wash equipment manufacturer are continuing under the HydroSpray name. The $1.37 million project will create 21 new jobs within three years. The Clearfield County Economic Development Corporation worked with Reed Norris Enterprises to obtain a $567,000 funding offer from DCED that consists of a $455,000 loan through the machinery and equipment loan fund, a $50,000 opportunity grant, $20,000 in customized job training funds and $42,000 in job creation tax credits. To learn more about the company, visit http://www.hydrospray.com.
It also includes Rescar Inc., which is rebuilding its DuBois operation following a fire in July that destroyed a portion of its complex. The company, which specializes in repair and maintenance of hopper and tank cars for the rail industry, also plans to expand by increasing the building’s square footage and adding new equipment. As a result of its $15.6 million project, Rescar will create at least 43 new jobs within three years and retain 128 existing positions. The Clearfield County Economic Development Corporation assisted the company in its efforts to obtain a $4.09 million financial package offer from DCED that includes a $1,595,220 loan through the Pennsylvania Industrial Development Authority, a $1.21 million loan through the machinery and equipment loan fund, a $1 million industrial development program grant, a $150,000 opportunity grant, $50,000 in customized job training funds and $86,000 in job creation tax credits. For more information about Rescar, visit http://www.rescar.com.
“Pennsylvania has always been a great place to start and grow a business,” Rendell said. “But make no mistake, companies can relocate or expand anywhere in today’s global marketplace. We won’t stand pat and let the future take care of itself. We’re creating our own future my making strategic investments in areas and industries throughout the state.”
The projects were coordinated through the Governor’s Action Team, economic development professionals who serve as a single point-of-contact to react immediately to major opportunities – or problems – including business locations, relocations, expansions or potential dislocations that require administration-wide, multi-departmental involvement.
The team has a wide range of economic development tools in its arsenal, including loans, grants, loan guarantees, job training and technical assistance. One of the tools is the Opportunity Grant Program, which has resulted in almost 15,000 new jobs and 34,000 retained since Rendell took office, for a 98 percent overall success rate. What’s more, each dollar of investment by the state has leveraged $46 private dollars toward economic development efforts in the commonwealth.
Including the projects announced today, GAT has successfully completed 152 projects in the past year. The projects represent commitments for 16,442 new jobs and 33,609 retained jobs. Of the completed projects for 2007, 60 percent were for manufacturers.