HARRISBURG – Rep. Ryan Warner (R-Fayette/Westmoreland) today announced a $2 million low-interest loan from the state to the Fay-Penn Economic Development Council.
“This is a great investment in local jobs and our local economy,” Warner said. “The best way to help our families and communities thrive is to invest in projects like these that seek to expand opportunities and support good, family-sustaining careers here in Fayette County.”
The funding will be used to renovate an existing 40,730-square-foot single tenant building located in the University Business Park in Lemont Furnace. The project also involves the construction of an additional 30,500 square feet to the existing building. When completed, the building will be leased to Advanced Acoustic Concepts, LLC, a manufacturer of Undersea Warfare Solutions. The total project cost is $5.94 million, and as a single tenant developer project, Advanced Acoustic Concepts, LLC has committed to retain 120 full-time employees within three years.
The Pennsylvania Industrial Development Authority (PIDA) authorized the 15-year loan at a 1.75% fixed rate.
PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs and for the development of industrial parks and multi-tenant facilities. More information is available at www.DCED.pa.gov
Representative Ryan Warner
52nd Legislative District
Pennsylvania House of Representatives