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Space & Location - Basic Leasing Proposal
Knowledge Park Proposal
Greater Erie Industrial Development Corporation (GEIDC) is pleased to present the following information for consideration in locating a facility in Knowledge Park at Penn State Erie:
- Location Benefits: The Knowledge Park at Penn State Erie, a technology park located adjacent to the Penn State University Erie Campus, and managed by GEIDC, is ideally suited to be home to the qualified knowledge-based business for the following reasons:
- Availability of labor force - as a part of the Penn State Erie campus, Knowledge Park is ideally situated to take advantage of the students enrolled in programs that fit a company's needs for technology employees. Knowledge Park was created as a partnership between Penn State Erie and GEIDC, taking advantage of the strengths of each. More than 30 interns from Penn State have worked in Knowledge Park at various tenant facilities. Numerous faculty members are also involved with the companies, working on joint research and prototype product development. By identifying and targeting these top students early in their educational careers, businesses located at Knowledge Park have the upper hand when it comes to hiring these new graduates at the end of their education. Additionally, Gannon University, located just 15 minutes away in downtown Erie, offers various undergraduate and graduate engineering programs, including software engineering, as well as other computer related and technology fields.
- Appropriate Technology - The Knowledge Park was designed to meet the needs of the technology and research company. Verizon (formerly GTE) has partnered with GEIDC to provide the most advanced communications technology to meet all voice, video, and data requirements. As such, Verizon has designated the Knowledge Park as a SmartPark. Verizon maintains a remote operations facility within the Park, and can provide variable bandwidth capabilities up to 642 mbps over its fiber network, timely access to the latest advances and a reasonable cost for services. In addition to Verizon, Adelphia Cable Systems (Time Warner), TelCove, and Choice One also provide data and phone services to various companies in the park.
- Ideally Appointed Real Estate – 5340 Fryling Road (Building 4): GEIDC currently has up to 35,000 s.f. of shell space available for lease to qualified companies on the second and third floors of 5340 Fryling Road (can be subdivided), as well as approximately 3,500 s.f. of shell space on the first floor. This building is the home to VertMarkets, Inc. (formerly ISIT.com), iMBA, the Ben Franklin Center for eBusiness and Advanced Information Technology (eBizITPA), and Ben Franklin Technology Partners. The building overlooks the new pedestrian bridge that connects Knowledge Park to the Penn State campus and includes a shared shipping and receiving area as well as a lunch/vending area. Additionally, approximately 3,000 s.f. of fully built out space is available in the building located at 5451 Merwin Lane, the former CAMtech facility. This space, as well as the space on the second and third floor of the Fryling Road building, is subject to a Right of First Refusal.
- Affordable Lease Rates – The space is available for lease as low as $9.00 per s.f., triple net, for the space in Merwin Lane, and $6.50 per s.f. for the shell space in Fryling Road. If it is desired, GEIDC can complete the build out and amortize the cost into your lease rate. These rates include a $38 per s.f. build out allowance and would approximate $12.50 per s.f. (subject to change based on interest rates and term of lease). Taxes, insurance, utilities, and maintenance charges are billed separately on a pro-rata basis.
- Tax Abatement Incentives - The Knowledge Park has been approved for a five year LERTA tax exemption, which allows for taxes to be charged only on the underlying land value for a five year period, rather than on the improvements located on the land. Once LERTA expires, the tenant is billed for taxes on a pro-rata basis. Merwin Lane and Fryling Road buildings’ LERTA are in effect through 2006. Additionally, a Payment In Lieu of Taxes (PILOT) agreement has been negotiated with the three taxing bodies that reduces tenant’s pro-rata taxes paid by at least 50%.
- Room to Grow - Knowledge Park includes more than 200+ acres available for development. GEIDC will continue to develop the Park as demand dictates, therefore providing opportunity for your company to grow in the park.
- Proximity to "Like Minded" Companies - Tenants in Knowledge Park are carefully chosen and include companies who are likely to form strong knowledge-based relationships with students, faculty, and each other. Typical Park tenants are characterized by one or more of the following: conduct applied and/or fundamental research and development, are on the leading edge of technology in their market, corporate headquarters of a knowledge-based company, hold a proprietary position with respect to key technologies, incorporate emerging technologies, rely heavily on information processing, or are actively engaged in technology transfer.
- University Amenities - As a part of the Penn State Erie campus, tenant companies are afforded all of the benefits of being a part of a University. This includes use of campus Library facilities, dining facilities, invitation to selected lectures and seminars, as well as complimentary use of the University's Junker Center for all of your employees. The Junker Center is a 75,000 s.f. recreational facility just north of the Knowledge Park, which includes basketball courts, indoor track, indoor pool, weight room, aerobics rooms, and locker room facilities.
- Park Amenities - Tenants in the park can take advantage of the Knowledge Center, a state of the art conferencing and meeting facility. The Center includes three conference rooms which can accommodate groups from 2 to 100, and which feature both a fixed and portable video- and teleconferencing system, dry erase walls, built in speaker system, touch screen controls, projection and document camera equipment, and a flat plasma screen for high definition presentations -- all at a nominal charge. A reception area is also available, with couches and chairs comfortably arranged around a stone fireplace. Meals and meeting accompaniments are available through Penn State's food service, or from the vendor of your choice. On the relaxation and recreation side, a pathway system is also located within the park, which, when complete, will total approximately 1.5 miles of public trails available for walking, biking or rollerblading throughout the beautifully wooded setting.
GEIDC is pleased to present the above proposal and welcomes any questions about the information presented.
Contact: Monica T. Brower, CEcD, President & Chief Executive Officer
Economic Development Corporation of Erie County
5240 Knowledge Parkway, Erie, PA 16510-4658
Telephone: (814) 899-6022
Fax: (814) 899-0250
Email: mbrower@edcec.org
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