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Grant Funds Provide Opportunities to Boost Local Economy
On April 15, 2010
Philadelphia, April 15, 2010 – – State Sen. Larry Farnese (D-Philadelphia) announced today that the Philadelphia Industrial Development Corporation (PIDC) has received two state grants totaling $350,000 to help with the development of potential new industrial and manufacturing business sites.
“These funds provide the opportunity to attract new businesses to the area and provide a much needed boost to local economy,” Farnese said. “These funds will help breathe new life into previously underused sites.”
PIDC will receive a $175,000 grant to assist in efforts to determine the viability of the development of a 200-acre rail-served industrial park around the Central Delaware River in the City of Philadelphia.
Farnese said the funds will be used to complete an industrial and logistics market analysis, an environmental analysis, a site survey and a complete engineering study to consider the existing conditions of the site and needed improvements.
“Because this is a brownfield site mostly made up of overgrown vegetation, storage trailers and tanks, it is important to take a closer look at the viability and safety of the park before attempting to develop business sites on it,” Farnese added.
PIDC will also receive a $175,000 grant to assist with redevelopment studies for the Historic Core and the Industrial Campus portions of the Navy Yard in the City of Philadelphia.
The funds will be used for a comprehensive building reuse plan in the Industrial Campus and to perform a building reuse study in the Historic Core.
The study will identify buildings within the Industrial Campus to support a diverse base of industrial and manufacturing businesses looking to relocate to the Navy Yard. The study will also focus on clarifying details of a building program to accommodate a combination of laboratory space suitable for physical science research and development, teaching facilities, and high-bay test cells with supporting office and meeting facilities in the Historic Core.
“This important research will help PIDC seek private and public funding for the construction of business sites which will result in job creation at the Navy Yard,” Farnese said.
The funding for these projects was provided by the Commonwealth Financing Authority as a part of the Business in Our Sites program. The Business in Our Sites program empowers communities to attract growing and expanding businesses by helping them build an inventory of ready sites.
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