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Penn-Northwest Completes Acquisition of Industrial Park
"HERMITAGE, Pa. -- Penn-Northwest Development Corp. Wednesday completed its acquisition of Stateline Industrial Park, an 82-acre site that, while located in Hermitage, belonged to the city of Farrell.Purchase price was $630,000.When the site is fully developed and buildings put up, the employers are projected to provide 300 to 400 jobs, says Larry D. Reichard, executive director of Penn-Northwest, the county's primary economic development agency. Work begins next spring."Today we have acquired the property we need to expand our county sites inventory," said Penn-Northwest Chairman William Perrine, "and we have the funding to develop it." Parties interested in developing the site were deterred by the expense involved in bringing the site up to what development required, a Penn-Northwest statement said. The vacant property, a Keystone Opportunity Zone, at State Line Road and Ohio Street was last used by Sharon Steel Corp. more than 20 years ago.The completion of the sale follows last week's announcement of a package of loans and grants of $1.5 million from Pennsylvania's Business in Our Sites program to develop the property. BOS provides financing for acquisition and development including infrastructure improvements, installation of storm and sanitary sewer lines, electrical service and building access roads. "Now we have all the resources in place to develop and market this valuable piece of real estate," Reichard said."