DCED: Gaming Fund Investments to Promote Community and Economic Development in Northeast PA. - Health & Medicine Week

The Commonwealth Financing Authority (CFA) yesterday approved the allocation of gaming funds to community and economic development projects in six counties in Northeastern Pennsylvania (see also Pennsylvania Department of Community & Economic Development).

'These revenues will provide support for initiatives that will revitalize downtown communities and redevelop deteriorating buildings to spur economic investment and job creation,' said Department of Community and Economic Development Secretary C. Alan Walker. 'The approved projects will not only spur job creation, but will address important public safety, infrastructure needs and will undoubtedly improve the quality of life for residents.'

In total, 29 projects in Monroe, Lackawanna, Carbon, Pike, Northampton and Wayne counties were awarded $10.05 million by the CFA. The funds are from the 'local share assessment' on the Mount Airy Resort and Casino in Mount Pocono, Monroe County. Under state law, licensed gaming facilities are assessed a fee to support and enhance their host communities and mitigate the impact of gaming.

One of the projects approved by the CFA will help the Scranton Lackawanna Industrial Building Company (SLIBCO) renovate the former JCPenney building in Moosic Borough to attract economic investment and jobs. SLIBCO was awarded a $337,900 grant that will be used to complete tenant improvements at the 29,120-square-foot facility in order to lease the facility to Stericycle, Inc., a medical-related company looking to expand in the region. Stericycle will retain its 65 existing employees and create 100 new, full-time positions and an additional 100 new, part-time jobs.

Monroe County's local share assessment is divided into two funds -- one for Monroe County; the other for projects in contiguous counties: Carbon, Lackawanna, Northampton, Pike and Wayne.

For more information about the local share assessment account, the CFA or a complete list of approved projects, visit CFA Approved Projects - Local Share Account or call 1-866-466-3972.

Media contact: Theresa Elliott, 717-783-1132

SOURCE Pennsylvania Department of Community & Economic Development

Pennsylvania Department of Community & Economic Development

Web Site: http://www.governor.state.pa.us

Keywords: Economic Development.

This article was prepared by Health & Medicine Week editors from staff and other reports. Copyright 2012, Health & Medicine Week via NewsRx.com.