Yerty Auto Service, Inc., through the Altoona-Blair County Development (ABCD) Corporation, was approved for a 15-year, $1,850,000 PA Industrial Development Authority (PIDA) loan to acquire and renovate a 126,008-square-foot industrial facility located at 301-331 Chestnut Avenue in Altoona. Yerty outgrew its existing facility in Roaring Spring, PA and a larger operating space was needed for the company’s continued growth. The company has entered into a purchase agreement for the vacant industrial facility, which was formerly occupied by Lumax Industries, Inc, an industrial general lighting fixture manufacturer.
“This investment represents not only a competitive expansion opportunity for a Blair County business but also is a major redevelopment and reuse opportunity for a former industrial property in the heart of the City of Altoona,” said Stephen McKnight, ABCD Corporation President and CEO. “I want to thank the Yerty’s for this investment along with ABCD Corporation’s finance team and Reliance Bank for helping to manage and fund this important project,” McKnight added.
The new property will provide ample space and improve workflow for receiving vehicles, dismantling, production, quality control, storage/warehousing and shipping. Renovations to the property will consist of a new roof, upgraded electrical, HVAC, and plumbing systems, installation of a drop ceiling, and improvements to employee lounge and cafeteria areas. As part of this project, 10 new, full-time jobs will be created within three years, and 22 existing positions will be retained.
About ABCD Corporation
The Altoona-Blair County Development Corporation (ABCD) is a private non-profit 501(c)3 certified economic development corporation. We work as a catalyst for business expansion in Blair County, Pennsylvania and through regional partnerships. ABCD manages several State loan and tax credit programs to include the PIDA program. Since our founding in 1946 ABCD has facilitated over 2,000 projects reflecting more than $2 billion in total project costs and the creation/retention of thousands of jobs.
