GARY, Ind., July 20, 2012 /PRNewswire/ -- Positron Corporation (OTCBB:POSC), a leading molecular imaging healthcare company, announces approval of a Pledge Resolution for $15 Million in Tax Increment Financing (TIF) Bonds, from the Redevelopment Commission of the City of Gary, Indiana towards the development of Positron's 70 MeV cyclotron project.
In addition to the TIF incentives, the City of Gary will assist in sourcing the appropriate allocation of New Market Tax Credits (NMTC) that could cover approximately $15 Million, or 33%, of the estimated total development costs for the project. Positron seeks to raise approximately $65 million, in total, for this project through a combination of debt, equity and incentives.
Positron's development plans are expected to create more than 50 permanent jobs in Gary over the next five years. These jobs are a combination of highly skilled scientific and technical positions, as well as, production, manufacturing, maintenance, security, shipping and receiving positions. In addition, the Company estimates the development of the facility will create 100-150 construction jobs over the duration of the project.
The Company believes Gary, Indiana may realize further economic benefits through complementary businesses, such as: material manufacturers, medical and molecular imaging R&D, pharmaceutical and industrial companies and U.S. Government agencies, locating in Gary in order to be in close proximity to this unique facility. Gary is an ideal choice for expansion, based on its growing economy, geographic location, proximity to U.S. Government facilities and the City's commitment to developing a thriving healthcare and technology environment.
Patrick G. Rooney, Chief Executive Officer of Positron, states, "Securing, stabilizing and growth of the supply chain should have a considerable impact on the industry; we have built a solid foundation in our core cardiac imaging product
|SOURCE Positron Corporation|
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