The largest loans have been provided to projects in Bucks andClinton counties, while the largest facility will be a 105,000-sfheadquarters on 7.8 acres in Philadelphia. On that project, PearlPressman Liberty Communications Group Inc., a printing and graphicarts company, will receive a $108,000 PIDA loan to acquire andrenovate an existing building.

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The $5.7-million Pearl Pressman Liberty project will create 18jobs and 147 existing employees will be transferred to the newsite, according to a release. The Philadelphia IndustrialDevelopment Corp. is the sponsoring agency for this project.

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Jim Lerner, EVP of Pearl Pressman Liberty, tells GlobeSt.com hecannot provide details on the project unless authorized to do so byPIDA or the commonwealth agency that's issuing a separate loan tothe company. However, a PIDC source says Pearl Pressman Libertywill relocate from its current facility at 912 N. Fifth St. to 7625Suffolk Ave.

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With the company outgrowing its present location, latching on toan appropriate space within Philadelphia was proving difficult, "sothis was a good find," the PIDC source says. "Over the past year orso, the company was very much in jeopardy of leaving the city."

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In Bucks County, Vertical Screen Inc., an employee screeningfirm in Southampton, will receive a nearly $2.3-million PIDA loanto build a 51,000-sf building that will serve as its headquarters.The $14-million project, sponsored by the Bucks County EconomicDevelopment Corp., will create 104 jobs and retain 166 others.

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Nutek Disposables Inc., a manufacturer of washcloths and babywipes, will receive $2 million to build a new 53,000-sf facility inClinton County's Wayne Township. Fifteen new jobs will be createdand 63 existing ones will be retained via the $6.8-million project,sponsored by the Clinton County Economic Partnership.

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According to the release, the Regional Industrial DevelopmentCorp. of Southwestern Pennsylvania will receive a more than$1.6-million PIDA loan to continue developing the City Center ofDuquesne, a 250-acre business park in Allegheny County. The$4.1-million project involves the construction of a new 20,000-sfbuilding on the site of the former US Steel Duquesne Works, and isexpected to create 25 jobs when completed.

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A $600,000 PIDA loan will help Healthcare Lighting Inc. acquireand renovate a 24,000-sf building in Erie County's FairviewTownship. Healthcare Lighting, which manufactures lighting forhospitals and other medical facilities, intends to create six newjobs and transfer 18 existing employees to the new location as partof the $1.5-million project, according to the release. The GreaterErie Industrial Development Corp. is the local sponsoringagency.

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In the release, Rendell notes that as part of his "ProtectingOur Progress" strategy, he recently lowered the interest rate onkey economic development loan programs to 2% below prime. The move,Rendell says in the release, was intended "as an incentive forcompanies to act immediately on their goals for the future." PIDAhas funded more than 400 projects with more than $390 million inloans since 2003, according to the release.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.