U.S. EDA Funds Business Innovation Center in Pennsylvania
The announcement was made by Willie Taylor, regional director of the Economic Development Administration’s Philadelphia office. Taylor was joined at the downtown Wilkes-Barre site by U.S. Rep. Paul Kanjorski, U.S. Sen. Bob Casey, Wilkes-Barre Mayor Tom Leighton, state Rep. Eddie Day Pashinski, Luzerne County Commissioner Maryanne Petrilla and officials from the Greater Wilkes-Barre Chamber of Business and Industry.
The Greater Wilkes-Barre Development Corporation, an affiliate of the chamber, will undertake the project, which involves constructing a 30,000-square-foot building at 27-29 S. Main St. at an estimated cost of about $5 million.
In addition to the award of $2,263,500 in federal funds, the project already received $2 million from the state Department of Community and Economic Development’s Industrial Development Program and Local Share Account grant funds. The Greater Wilkes-Barre Development Corp. will pay the remaining debt through equity financing, said John Augustine, senior director of economic and entrepreneurial development for the chamber.
Construction of the new innovation center should begin in the first quarter of next year and will take about one year to construct, according to the chamber.
Since its opening in 2004, the current Innovation Center on South Main Street has housed 15 start-up companies, which have created more than 115 jobs paying average annual wages of $62,000, according to the chamber. Twelve remain today in the entrepreneurial resource center. which provides service to start-up and early stage firms.
The site for the second center is located in a Keystone Opportunity Zone, excluding it from specific state and local taxes.