Prizer-Painter Stove Works Inc. of Reading will move forward with its plan to construct a new building, which could support the creation of nearly 30 jobs and the retention of 87 positions in Berks County.
Prizer-Painter, a manufacturer of high-end residential and commercial cooking ranges and ventilation equipment for the BlueStar brand, will construct a 42,000-square-foot office building in the city of Reading, according to a news release from Pennsylvania Gov. Tom Corbett. The company will invest more than $3 million in the project.
"We're delighted that the company made the decision not just to stay in the region, but in the city of Reading," said Jon Scott, president and CEO of the Greater Reading Economic Partnership.
The Pennsylvania Industrial Development Authority will provide a $1,827,000, 15-year low-interest loan at 1.5 percent to the Greater Berks Development Fund on behalf of Prizer-Painter.
Members of the Greater Reading Economic Partnership helped the company analyze various properties and stay connected to the Greater Berks Development Fund, which helped secure the loan, Scott added.
PIDA provides capital for building acquisition, construction and renovation work, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.