Local farms, theater and manufacturer boosted by state-backed loans
Four midstate projects have received approvals for a total of more than $1 million in low-interest loans though the Pennsylvania Industrial Development Authority, state officials said Monday.
In Cumberland County, Gray Water Ops Properties LLC and Gray Water Ops LLC were approved for a $100,000, 15-year loan at a 2 percent fixed rate through Capital Region Economic Development Corp. The money will go toward purchasing an 11,167-square-foot building at 1515 Kathryn St., New Cumberland.
Gray Water Ops LLC is a manufacturer specializing in products for military units. The new site will enable the firm to double its space, a news release from the state said. The company also has committed to retaining its three full-time employees, officials said.
In Lancaster County, three projects were approved.
Scott and Linda Wagner secured a $400,000, 15-year loan at a 2 percent fixed rate through EDC Finance Corp. The oan will assist with the development of turkey farm infrastructure in Quarryville, state officials said. The improvements will occupy some 12 acres and have a capacity of up to 38,600 birds.
John and Miriam Hoover snagged a $400,000, 15-year loan at a fixed rate of 2 percent, also through EDC Finance Corp. The loan will assist in building two turkey barns on a 60-acre farm in Brecknock Township. The Hoovers plan to raise turkeys at the new facilities, which will hold up to 10,500 birds, officials said.
And theater company Zoetropolis LLC was approved for a $187,500 loan at a 2 percent fixed rate for seven years, also through EDC Finance Corp.
The loan will assist with buying machinery and equipment to be located at 112 N. Water St. in Lancaster. Zoetropolis Art House and Theatre operates a cinema center, which it now plans to move to a larger facility and expand into a full-service restaurant and cinema center.
The projects were among seven statewide that totaled more than $2 million in fixed low-interest loans, state officials said.
PIDA so far in 2017 has approved more than $29 million in low-interest loans that have resulted in more than $143 million in private investment and supported 1,411 new and retained full-time jobs, they added.