Bedford receives $2.7M loan to help develop business park
BEDFORD – State officials have approved a $2.7 million low-interest loan for a planned Bedford County business park, Gov. Tom Corbett announced this week in a news release.
Part of over $29 million in new loans statewide, the Commonwealth Financing Authority money will go toward excavation at the 143-acre Bedford Township site, county Commissioner Kirt Morris said.
The park, situated near the Bedford County Airport and the township’s REI clothing distribution center, needs the funding to be “pad-ready,” or open to construction, Morris said.
It’s an open field at the moment, but the site could ultimately contain 800,000-square-foot businesses dwarfing those at the some of the county’s other business parks, he said. Occupying a Keystone Opportunity Zone – an area with state-approved tax breaks – the planned park has infrastructure already in place, according to the Bedford County Development Association website.
“The [association] will receive a $2,739,350 loan for acquisition, excavating and grading, engineering, inspections, fees, legal costs and closing costs at the site,” Corbett’s release said. “The project is expected to create 200 new jobs.”
Morris said the park’s location amid wetlands forced developers to establish new wetlands nearby, keeping the project in line with environmental regulations.
The next step is to ready the site for construction, he said.
“It’s going to be moving, which is expensive out there,” he said.
Mirror Staff Writer Ryan Brown is at 946-7457.