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State Hands Out $5.7M in Loans to Five Properties

HARRISBURG, PA-Five Pennsylvania Industrial Development Authority low-interest loans have been granted to local industrial development groups in four counties. Projects include the acquisition and renovation of the former 298,270-sf Foamex site and conversion of the 140,170-sf former Staples building in Philadelphia.

By Marita Thomas | Updated on May 30, 2003

HARRISBURG, PA-The state has awarded five Pennsylvania IndustrialDevelopment Authority low-interest loans totaling more than $5.7 million to projects in four counties. The PIDA loans cover the acquisition of land and buildings, construction, renovation, and conversion of existing properties. The five properties covered by the PIDA funding are:

A loan of $1.75 million is awarded to Philadelphia-based Home Line Furniture Industries Inc. for the acquisition and renovation of a 298,270-sf building on Wheatsheaf Lane. The property, formerly known as the Foamex Industries GFI division site, is located within a Keystone Enterprise Zone. Home Line plans to expand its assembly operations in Philadelphia. The Philadelphia Industrial Development Corp.’s financing arm is the local sponsoring agency.

PIDC Financing Corp. has been awarded a $1.25-million loan for the acquisition and renovation of the 140,170-sf former Staples building on Decatur Road in PIDC Northeast Airport Park, Philadelphia. Plans call for conversion of the building into a multi-tenant facility. Approximately 10% will be leased to Staples Contract & Commercial Inc., and 78% will be leased to Pierce Phelps, a distributor of HVAC, electronics and appliances.

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