2008 Archives

The Harrisburg Regional Chamber & CREDC Helps Journal Publications Inc. Stay In the City of Harrisburg

THE HARRISBURG REGIONAL CHAMBER AND CREDC HELPS JOURNAL PUBLICATIONS INC. STAY IN THE CITY OF HARRISBURG

HARRISBURG, PA (July 14, 2008) - The Harrisburg Regional Chamber and Capital Region Economic Development Corporation (HRC/CREDC) announced today that it provided financing to Paxton Street Properties to purchase the UGI Building located at 1500 Paxton Street in the City of Harrisburg, in order to accommodate the expansion of Journal Publications, Inc. (JPI). JPI publishes Central Penn Business Journal, NJBIZ, and Central Penn Parent in addition to leading the Best Places to Work Campaign.

HRC/CREDC provided an Enterprise Zone loan of $500,000 in conjunction with the financing from Sovereign Bank and additional equity contributions. Total project costs were approximately $3.4 million. The project is expected to retain 50 full-time jobs and create an additional 14 jobs at this location within three years.

David Schankweiler, CEO, Journal Publications, Inc., stated "CREDC continues to do good things for Central Pennsylvania, now we have witnessed it first-hand. Without the assistance from CREDC, we would not have been able to purchase the real estate and continue to have our headquarters in the City. Thank you to Linda Goldstein and her staff for their diligent work in making this opportunity a reality."

The new location in the City meets JPI's current growth initiatives as well as future plans to expand and develop new divisions in technology related services, emphasizing integrated marketing solutions in print and web-based applications.

Mayor Stephen Reed, a member of the CREDC Board, said, "Journal Publications has been a trend-setting publishing entity that, when it started, chose Harrisburg as its headquarters. That continues with its expansion, with a project that underscores the adaptive reuse of existing structures. With the UGI Building's retrofit and occupancy, it places the land and buildings on the tax rolls for the first time in many decades."

JPI is a Pennsylvania based company, incorporated in 1985. Since its inception JPI has grown significantly in the region and within neighboring states, demonstrating innovation in the publication sector. The company has developed from a primarily print-oriented publishing company to a multi-media, multi-platform information company.

The Capital Region Economic Development Corporation (CREDC), is the economic development arm of the Harrisburg Regional Chamber, and is the leading organization for promoting and performing economic development activities in Cumberland, Dauphin and Perry counties. The group offers a variety of programs and resources to help attract, retain and expand business in the region.

The Harrisburg Regional Chamber & CREDC serves as a catalyst for promoting growth and quality of life in Cumberland, Dauphin and Perry Counties by providing a unique blend of business, community and economic development and advocacy services under one roof to boost our economic vitality and livability as a region. HRC/CREDC was named Economic Development Agency of the Year by the Pennsylvania Economic Development Association (PEDA).