PHILIPSBURG — Moshannon Valley Economic Development Partnership’s goal is to assist private sector businesses with their growth and job retention/creation projects. MVEDP’s most important priority is assistance to existing businesses.
MVEDP uses its two multi-tenant buildings, land holdings, loan program, access to state loan programs, and knowledge of other service providers to help area businesses.
In fiscal year 2019, MVEDP accomplished its goals through numerous projects.
During 2019, five businesses whose leases were set to expire wanted to renew their leases with the MVEDP and that was accomplished. These businesses included American Home Patient, EC Power, PolyK Technologies, Nittany Laser, and MVEMS.
Several new leases were accomplished, including Thieves Market, Skills Inc., Diamondback, and Creotek.
MVEDP helped two local manufacturers with loans through its own Revolving Loan Fund program: Grauch Enterprises No. 5 and UMI Performance No. 2.
MVEDP is the only certified economic development organization in Centre County; access to the very low interest loan program PIDA was helpful to two area companies. Homeland Manufacturing, $1.3 million, new job creation, and Advanced Powder Productions, $1.8 million, new job creation, both benefited from these loans.
MVEDP received to written offers to purchase the former hospital site land. MVEDP worked with Penelec to have a major electrical upgrade at the site. KOZ tax advantage program was approved for the site again, and two other prospects were identified.
The Moshannon Valley Enterprise Center, a critical 210,000 square foot economic development asset, was aided by a federal USDA grant of $75,000 secured through the assistance of Congressman Glenn Thompson, R-Bellefonte, a state PIDA loan of $77,500 was secured to renovate the MVEC and the new leases from Skills Inc., Diamondback Truck Covers, and Thieves Market.
Moshannon Valley Regional Business Center had some changes in 2019. Organic Climbing left the MVRBC to their own new manufacturing plant located in the Business Park. Creotek now occupies the space formerly of Organic Climbing.
Moshannon Valley Regional Business Park received an offer for lot No. 11; the KOZ tax advantage status was approved for lot No. 10B; for Advanced Powder Products to assist with their growth and new job creation; and an offer was received from Diamondback to purchase a portion of the MVEDP’s Lot No. 9. Diamondback will construct additional parking for their growing number of employees.
A new cooperation agreement was signed with PRC, and MVEDP offered them continued financial assistance.
Miscellaneous other projects include a successful job fair, and an appraisal of the GEO land in Morris Township was completed and the MVEDP contacted GEO about their 40-acre site.
MVEDP’s program of work for 2020 includes a variety of goals with land, financing, building space, business retention, and downtown revitalization.
Land goals include selling one or two lots in the Philipsburg Area Commerce Park; selling one of the three remaining lots in the Regional Business Park; entering into a new contract with Ryen Realty to market and sell our land; continuing to work with the MVEDP’s Site Selection Committee to find other sites; and negotiating with the GEO Group on the possible acquisition of their land.
In the realm of financing, MVEDP is planning to work to package additional state PIDA loans throughout all of Centre County; generating one or more loans through the MVEDP’s RLF program; assist in getting the Advanced Powder Products PIDA loan closed; and maintaining the MVEDP’s state-recognized status as a Certified Economic Development Organization.
Building space is another priority, including negotiating and finalizing a new lease with Drucker Company; renting the available space that is available with the MVEC; completing the renovations at the MVEC and close out to the federal USDA grant; and working with Ryen Realty to locate potential business tenants for the MVEC.
Business retention goals for 2020 include working with any local business that requests their assistance, and continuing to be an active participant in the state PREP program; partner with the SBDC, Ben Franklin, Penn State, and SEDA-COG.
MVEDP will also determine their future role in the Philipsburg downtown development effort and determine the appropriate amount of MVEDP funding for that effort.