The Elk County Commissioners awarded the Recovery Zone Bonds Tuesday to Precision Compacted Components, Inc. [PCC] of Wilcox and Unique Venture Group of St. Marys for the building of a restaurant in downtown St. Marys.
In June 2009, the U.S. Treasury Department announced $25 billion in bonds authority available under the Recovery Zone Bonds program. The effort is geared towards areas "particularly affected by job loss and will help local governments obtain financing for much-needed economic development projects, such as public infrastructure development."
Officials at PCC were asked to submit a number of letters of intent for the commissioners from various commercial lenders. They intend to put an addition of about 8,700 square feet onto the manufacturing facility in downtown Wilcox. The addition will house much of the company's inventory needed to support the business. There will be some additional manufacturing equipment used in the addition. The company also has a new 400-ton press which will be financed using the Recovery Zone Bond. There also is a new piece of equipment on order that will be housed in the facility as well.
The figure for the bond for PCC tops out at $1.1 million and is of the Recovery Zone Facility Bond variety, "a type of traditional, tax-exempt private activity bond that may be used by private businesses in designated recovery zones to finance a broad range of depreciable capital projects."
There will reportedly be at least 25 jobs created with the increase that business officials expect to see over the next 12 months. PCC presently employs 55 workers.
Robert Yoder, representing Unique Ventures Group as the developer for downtown St. Marys, also was on hand during the Tuesday morning meeting.
"I appreciate the commissioners allocating the full amount of money to support the building of the hotel and since I've been able to finance the building of the hotel, I also found someone wanting to build a restaurant in downtown St. Marys, which will create another 25 to 35 jobs," Yoder said.
For more on this story, see the Nov. 18 edition of The Daily Press.