PR Newswire - Pennsylvania

	    $4.1 Million in Loans to Help Two Development Projects Become Reality

    HARRISBURG, Pa., Nov. 10 /PRNewswire-USNewswire/ -- Governor Edward G.
Rendell today said new state investments totaling $4.1 million will help to
create and retain 775 jobs as East Stroudsburg University builds a research
and technology facility in Monroe County and blighted, vacant properties
are redeveloped in Lancaster's downtown business district.

    Together, the projects are worth nearly $20 million.

    "The investments we are making today are helping to attract private
investments in Monroe and Lancaster counties, revitalize our communities,
and help put Pennsylvanians to work," said Governor Rendell. "These
projects are turning vacant and blighted properties into homes and
businesses that will contribute to the local tax base and providing the
space and capacity for future job creation in cutting edge research and
development, and business growth."

    The Commonwealth Financing Authority, or CFA, approved the loans today
under the state's Building PA fund, a real estate component of Governor
Rendell's original economic stimulus program.

    The Governor said the CFA approved a $2 million loan in Monroe County
to Pocono Mountains Industries for the first phase of construction for the
East Stroudsburg University Research and Technology Park, which will be a
three-story research and technology facility that will offer 41,000 square
feet of research and development/technology space.

    The East Stroudsburg University Research and Technology Park will
provide expanded business accelerator space within the Pocono Mountains
Keystone Innovation Zone. It is projected that the project will house 223
jobs this year and an additional 518 jobs by 2011, for a total of 741 jobs.

    In downtown Lancaster, EDC Finance Corp. will use a $2.1 million loan
for Historic East Side Suites LP to redevelop three parcels in the first
two blocks of East King Street. The tracts are located just east of the
newly opened Lancaster County Convention Center and will provide 22,043
square feet of residential, 8,343 square feet of retail, and 4,951 square
feet of commercial space, as well as 17 modern residential units.

    "In addition to creating more than 30 new jobs, this redevelopment
project carries additional significance due to its proximity to the
Lancaster's new convention center and existing businesses," the Governor
said.

    Building PA provides crucial "gap financing" for viable economic
development projects.

    State funds are matched at least dollar-for-dollar by private equity.
Through September, more than $136 million had been allocated for 24
projects throughout Pennsylvania.

    For more information about economic development initiatives in
Pennsylvania, call 1-866-466-3972 or visit http://www.newpa.com.