PHILADELPHIA, JAN. 16, 2008: State Sen. Mike Stack today announced significant state funding that will be used to acquire and renovate the former Domor Inc. facility in the Holmesburg community in Northeast Philadelphia.

The PIDC Financing Corporation will receive a $480,000 Pennsylvania Industrial Development Authority (PIDA) loan.  The funding will be used for a $1.7 million project to redevelop 65,382 square feet of space that will be used for manufacturing or distribution purposes.

“This project will create jobs and bring business into a local facility,” Stack said. “I’m pleased that this funding will grow our economy and put this significant space to good use.”

PIDA loans provide capital for infrastructure acquisition, creation and renovation projects primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.

The funding is part of $5 million in state funding that will result in the creation and retention of nearly 400 jobs in five counties.

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