Sainato: $2.25 million loan secured for Mahoning industrial park project
NEW CASTLE, Dec. 1 – A newly approved low-interest loan of $2.25 million will allow a Pennsylvania developer to move forward with plans for an industrial park in Mahoning Township, state Rep. Chris Sainato, D-Lawrence, announced today.
Sainato said the funding to Regional Industrial Development Corporation of Southwestern PA Growth Fund – approved by the Pennsylvania Industrial Development Authority – will allow the developer to acquire nearly 250 acres for the future site, located at Route 422 and Baird Road.
“Securing this loan is going to lay the groundwork for a project that promises to create jobs, invite new business activity and generate additional investment in this region,” Sainato said. “It’s going to be exciting seeing the changes that take shape as the park’s construction brings more people back to work and infuses new life into this area.”
Sainato said RIDC of Southwestern PA was approved for the 15-year, $2.25 million loan at a 2.5% fixed interest rate.
Additional costs for the project – which has an estimated total cost of $3 million – include new roadways, utilities, stormwater management, earthmoving, fine and rough grading, and placement of erosion and sediment controls.
More information about the funding is available here.