Economic Development Update Ph: 814.235.1666 * F: 814.234.5869 * Web site: www.CentreCountyIDC.org
CCIDC Revolving Loan Fund Approved Three Loans in the 3rd Quarter of 2011 The Centre County Industrial Development Corporation’s Revolving Loan Fund (RLF) approved three requests in the third quarter of 2011 assisting in the expansion of one local business and the opening of two new businesses. In July, the Loan Review Committee approved a $33,500 loan to WavesInSolids, LLC as part of a $37,000 project for the acquisition of new ultrasonic nondestructive testing (NDT) instrumentation to support the company’s inspection and training services. Founded in 2003, WavesInSolids (WIN) supplies inspection services and products to the transportation, petrochemical, oil, natural gas, defense, aerospace, power generation and marine industries worldwide. WIN is also a leading provider of NDT training of personnel; providing formal classroom and client-site training for NDT professions from entry to advanced levels. Training classes are designed in accordance to ASNT-TC-1A, CP-189, NAS 410, and ISO9712 standards. WIN has six employees and plans to hire an additional three employees over the next three years. For additional information about WIN, please visit their website, www.wins-ndt.com In September, the Loan Review Committee approved loans that will help launch two new businesses in the community. A $100,000 approval is part of a funding package to establish State College Orthodontics. Dr. Diane M. Ray has been employed as an orthodontist in several local dental/orthodontic practices since she graduated from dental school in June 2002. Most recently she has practiced at Pediatric Dental Care and Orthodontics. Dr. Ray is opening her own practice at 180 Regent Court in State College. The project will retain five employees and create seven additional positions over the next three years and will provide customer friendly hours to existing and prospective patients. The second approval in September was for $100,000 to David, Marya and Jack Schoenholtz, current owners of Irving’s Bagels, to open Fiddleheads, a new soup and salad shop to be located at 134 West College Avenue. Using the same guiding principles that have made Irving’s successful: providing good food and good service in an efficient manner in a clean environment, they will offer five daily “made from scratch” soups including two daily standards, Chicken Noodle and Chili. Their “Create Your Own Salad” will include a base of greens or pasta with choices of four additional items from a broad list of ingredients and offer customers an opportunity to add protein to their salads. Salad toppings will include standard and not-so-standard dressings. In addition to soup and salad, two ready-made sandwich selections will be available daily. The “Grab and Go” sandwiches will be made each morning and include such varieties as Grilled Chicken with Sundried Tomato Pesto, Roast Beef with Horseradish Cream, Italian TriColore Sandwich, and Ham & Cheese. To accompany their soup and salad menu a daily variety of fresh bread products will be offered. Fiddleheads will be open daily 10 a.m. until 8 p.m. with takeout and limited in-dining available. For additional information about the CCIDC’s RLF, please contact either Trudy Mitchell, tmitchell@cbicc.org, or Mary Resides, mresides@cbicc. org, at 814-235-1666.
Creation of the Centre County General Authority At their August 2, 2011 meeting the Centre County Commissioners approved the creation of a new authority, the Centre County General Authority. In Pennsylvania, authorities are limited to issuing $10 million in tax free bonds annually. The Centre County Industrial Development Authority (CCIDA) and the Centre County General Authority (CCGA) will now be able to provide a combined total of $20 million dollar borrowing base for projects within the county. Board members for both authorities are: Jack Infield, Graystone Bank (Chair), Stan LaFuria, Moshannon Valley Economic Development Partnership (Secretary), Russell Brooks, Science Park Employee Federal Credit Union (Treasurer), Leanne Martin, M&T Bank (Assistant Secretary/Treasurer), Jeff Krauss, The HR Office, Inc., Jon Rockey, Northwest Savings Bank, and Tom Songer, Torron Group. Serving as Solicitor is Rod Beard, Beard Law Company. The Centre County Industrial Development Corporation will provide staff for the authorities. Projects funded through the CCIDA over the past several years include: Medler Field, Downtown State College Improvement District, Centre LifeLink, Nittany Valley Charter School, Mount Nittany Medical Center, Fraser Centre, HFL Corporation’s Country Inn and Suites. The most recent, ongoing project is the Foxdale Village expansion. For additional information, contact Trudy Mitchell, VP of Economic Development, at (814) 235-1666 or tmitchell@cbicc.org .
SAVE THE DATE! :: Upcoming 2011 & 2012 Events :: Central PA Regional Business & Industry Expo - Thursday, November 3, 2011 CBICC Annual Meeting Tuesday, December 13, 2011 2012 CBICC Annual Awards Gala March 1, 2012 2012 “Open for Business” Golf Tournament July 27, 2012
Chamber of Business & Industry of Centre County | 814-234-1829 | Fax 814-234-5869 | cbicc@cbicc.org | www.cbicc.org
Oct/Nov/Dec 2011