Lancaster and Columbia are the big winners in a $5.7 million loan package approved Tuesday in Harrisburg.
Gov. Ed Rendell said Tuesday the loans approved by the Commonwealth Financing Authority are a good investment that will secure millions more in private capital while assisting in local revitalization.
In Lancaster, the EDC Finance Corp. will use a $1.2 million loan for LSC Properties L.P. to develop the Liberty North site on Charlotte Street.
The property is part of the former Armstrong World Industries complex and will be converted into mixed-use office and commercial space. Two of the three buildings on the site will be redeveloped, while a third will be demolished for green space and easier pedestrian movement.
The $10.4 million project is expected to create more than 100 jobs within three years, put vacant buildings back into productive use and attract private-sector investment.
EDC received a second loan of $275,400 on behalf of Norwich Properties Inc. for a plan to redevelop the former West End Market on Orange Street into a multitenant building.
Tenants are to include Elite Auto Group, which sells and leases specialty and high-end vehicles, and Groff Family Funeral Home. The $1.83 million project calls for installing windows in the building's façade; installing new heating, ventilation and air conditioning; and remodeling floors, walls and insulation.
In Columbia, the EDC will use a $2.3 million loan to support the Museum Partners L.P. project on North Third Street, adjacent to Route 30.
The partners plan to redevelop the former Ashley & Bailey Silk Mill property into the Turkey Hill Experience, an agritourism facility, as well as a welcome center, a convenience store with gasoline sales, a toy retailer and a restaurant.
The nearly $9.4 million project is anticipated to create more than 40 jobs within three years.
The Commonwealth Financing Authority also approved an additional $3.7 million allocation to EDC to replenish its urban capital fund for continuing efforts to seek out additional projects in Lancaster and surrounding boroughs.
Also receiving aid through the package is a downtown development project in Harrisburg.
The Commonwealth Financing Authority approved the loans from the Building PA fund, a real-estate component of Rendell's economic stimulus program.
Under the program, the authority places investments with real estate developers who match the commonwealth's investment dollar for dollar with privately raised capital.
E-mail: tknapp@lnpnews.com