Rankin, PA – July 19, 2022 – Today, Senate Democratic Leader Jay Costa announced $7.5 million in state funding for a project located in the Rankin Borough. The redevelopment of the Carrie Furnace site will receive a $3 million dollar grant and a $4.5 million dollar loan from the Commonwealth Financing Agency’s (CFA) Business in Our Site (BiOS) program.
“The Carrie Furnace is a historic landmark in the Mon Valley and an important economic development opportunity for the future of Rankin,” said Senator Costa. “This funding will kick off construction of a regional attraction for film production which will be a one-of-a-kind facility for Southwest PA, creating many immediate and long-term jobs.”
This funding goes toward Phase II of III for the complete redevelopment of the 65-acre site that will consist of the acquisition of 4 acres and the development of a 52,000 square foot Film Ready Tech Flex Spec building. Specifically, BiOS funds will be used for acquisition, excavation, grading, sidewalks, and construction of the parking fields associated with the film production building.
BiOS grants are intended to empower communities to attract growing and expanding businesses by helping build an inventory of shovel ready sites. These sites must be previously utilized property or undeveloped property that are planned and zoned for development.
For more information on this funding project and other grant opportunities, visit dced.pa.gov.