The Regional Industrial Development Corporation of Southwestern Pennsylvania has made major commitments for its new Armstrong County Project, with a brand new project as well as a name change to Northpointe Industrial Park.
Thursday, the development institution held a ceremony to mark the beginning of its first building in what is now called RIDC Armstrong's Innovation Park. The park is located in South Buffalo Township. RIDC announced that it will construct a new 30,000 square foot tech flex facility on a 10-acre plot, a $5.3 million project.
RIDC purchased the property from Armstrong County Industrial Development Council. A second building is currently being constructed on the same site.
RIDC has also agreed to purchase another 72 acres in the business park, and it has the option of another 543 acres. According to the announcement, RIDC spent $881,683 on the deal, with the Armstrong County Development Group expecting to share future profits.
RIDC first announced an agreement with Armstrong County about a year back to market and run the business park. At that time, 100 homes were still part of a mixed-use strategy for the former Northpointe.
RIDC will build its first building with the help of a state loan of $2.25 millions, a Regional Assistance Capital Program grant worth $2 million and its own equity.
In a prepared statement, RIDC President Donald F. Smith, Jr. called the park's outstanding location and said it can help RIDC in its efforts to build "modern facility that attracts companies creating high quality jobs".