Harrisburg – Governor Tom Corbett today announced a $3 million Economic Growth Initiative (EGI) Grant to assist in the construction and development of Weavertown Industrial Park.
“This investment will continue our mission of making certain Pennsylvania job creators can compete in the global economy,” said Gov. Corbett. “This project will assist in creating and retaining more than 350 family-sustaining jobs in Beaver County.”
The $15 million project will include the development of an abandoned industrial site along the Ohio River in Potter Township. The EGI grant will assist in the construction of a water treatment plant and barge docking facility. The overall project will also include the re-construction of a biofuel plant and rail spur terminal.
Dawn Fuchs, President and CEO of Weavertown Environmental Group, is looking forward to her company participating in the economic growth of Beaver County.
“We will be creating good family jobs for Beaver County workers,” said Fuchs. “Weavertown believes in a great community partnership where industry and job opportunities come together.”
In 2012, Gov. Corbett reformed the state’s method of funding Redevelopment Assistance Capital Program with a significant redesign, making the process more transparent and objective. Projects are now selected based upon their job-creation potential, their economic impact, as well as their viability and construction readiness.
Prior to Gov. Corbett taking office, the state’s spending and borrowing for capital redevelopment assistance had become unsustainable for the state and its taxpayers, growing from $400 million in 1986 to slightly more than $4 billion in 2010. Gov. Corbett also said that the program had strayed considerably from its intended purpose of encouraging and assisting job growth through regional economic development projects.
In the program’s prior announcements, the Corbett administration announced 58 new Economic Growth Initiative grants, totaling more than $133 million. The announced projects are expected to create more than 45,000 jobs in 24 counties across the state.
To ensure the commonwealth can continue supporting Economic Growth Initiative grants, Gov. Corbett continued to urge the state legislature to enact meaningful pension reform and address the current pension system’s $50 billion debt. Ballooning pension costs, which consume approximately 60 cents of every new dollar of general fund revenues, detract from the commonwealth’s ability to invest in economic development and projects that spur job creation.
For more information on the program, visit the Budget Office online at www.budget.state.pa.usand select the Redevelopment Assistance Capital Program link.
Media contact: Jay Pagni, 717-783-1116