Lenders OK $107.5M for Dick's Sporting News Goods
TRIBUNE-REVIEWWednesday, November 26, 2008
Despite the credit crunch, a group of local banks is lending $107.5 million to help build Dick's Sporting news poker Goods Inc.'s new headquarters in Findlay.
Washington County developer Horizon Properties Group LLC announced the funding Tuesday.
First Commonwealth Bank of Indiana, Pa., led the group, along with Ameriserv Financial, First United Bank, S&T Bank, Tri-State Capital Bank, Parkvale Savings Bank, WesBanco Bank and the ERECT Fund, a union-supported pension fund.
"The accomplishment of finalizing this project's finances at a time when the markets have come to complete standstill is a testament to the bank group's vision and support of economic development in our region," said Horizon Properties CEO Rodney L. Piatt.
"In a difficult economic environment, First Commonwealth is in a strong period of growth," said Chief Financial Officer Ed Lipkus. "We have financed many projects in 2008 and are well-capitalized to continue to look at viable opportunities such as the one we've just completed with Dick's Sporting Goods."
The project will put a 730,000-square-foot complex on 116 acres in Findlay. Now under construction, it is expected to be completed by January 2010.
Dick's employs about 950 at its headquarters in Findlay, and the project is expected to add about 700 jobs over the next five years.
Ultimately, the site could be expanded to 1 million and possibly 2 million square feet of space, with a total of almost 2,000 jobs.
A spokesman for Dick's could not be reached for comment.
"This is huge for us," said Dennis Davin, Allegheny County director of development. "From our standpoint, this kind of project validates that we still have a lot of business to do and things are happening right now despite what's happening in the national economy."
The Dick's project will be at Northfield, a development site owned by the Allegheny County Airport Authority.
The county's Redevelopment Authority earlier this year requested $7.25 million in state funding for roads and sewers for the project. In addition, a 10-year, 50 percent tax abatement was approved by the county and local governments.
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Despite the credit crunch, a group of local banks is lending $107.5 million to help build Dick's Sporting news poker Goods Inc.'s new headquarters in Findlay.
Washington County developer Horizon Properties Group LLC announced the funding Tuesday.
First Commonwealth Bank of Indiana, Pa., led the group, along with Ameriserv Financial, First United Bank, S&T Bank, Tri-State Capital Bank, Parkvale Savings Bank, WesBanco Bank and the ERECT Fund, a union-supported pension fund.
"The accomplishment of finalizing this project's finances at a time when the markets have come to complete standstill is a testament to the bank group's vision and support of economic development in our region," said Horizon Properties CEO Rodney L. Piatt.
"In a difficult economic environment, First Commonwealth is in a strong period of growth," said Chief Financial Officer Ed Lipkus. "We have financed many projects in 2008 and are well-capitalized to continue to look at viable opportunities such as the one we've just completed with Dick's Sporting Goods."
The project will put a 730,000-square-foot complex on 116 acres in Findlay. Now under construction, it is expected to be completed by January 2010.
Dick's employs about 950 at its headquarters in Findlay, and the project is expected to add about 700 jobs over the next five years.
Ultimately, the site could be expanded to 1 million and possibly 2 million square feet of space, with a total of almost 2,000 jobs.
A spokesman for Dick's could not be reached for comment.
"This is huge for us," said Dennis Davin, Allegheny County director of development. "From our standpoint, this kind of project validates that we still have a lot of business to do and things are happening right now despite what's happening in the national economy."
The Dick's project will be at Northfield, a development site owned by the Allegheny County Airport Authority.
The county's Redevelopment Authority earlier this year requested $7.25 million in state funding for roads and sewers for the project. In addition, a 10-year, 50 percent tax abatement was approved by the county and local governments.
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