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FOR IMMEDIATE RELEASE
June 18, 1999

GOVERNOR ANNOUNCES $500,000 GRANT TO PAXTON

SPRINGFIELD -- Governor George H. Ryan today announced that the City of Paxton has been awarded a $500,000 grant to provide a low- interest loan that allows Concrete Technology Inc. to equip a facility it is renovating in the Paxton Industrial Park, creating 70 new jobs. The grant award is from Fiscal Year 1999 state budget allocations.

"This grant illustrates how the state and local governments can work together to create good-paying jobs," Ryan said. "The low-interest loan offered to Concrete Technology gives the company the ability to expand its operations in Illinois, providing new economic opportunities for the people of Paxton and surrounding areas."

The Department of Commerce and Community Affairs (DCCA) administered the grant through its Community Development Assistance Program (CDAP). Concrete Technology Inc. is using the low-interest loan to purchase equipment for a 64,500 square-foot vacant facility the company is renovating.

"As Concrete Technology pays back the loan, Paxton will use the money to provide new loans to other businesses seeking to locate or expand in the community," DCCA Director Pam McDonough said. "The advantage of CDAP grants is that they continue to generate economic development long after the initial project is complete."

Concrete Technology Inc. manufactures high quality architectural wall panels and concrete components. The company's new facility will enhance its ability to expand into the Chicago market.

"With Chicago as the primary market and St. Louis and Indianapolis as secondary markets, Concrete Technology Inc. is delighted to be part of the Illinois business community," said Concrete Technology Inc. Plant Manager Jim Buehrle

"The City of Paxton is extremely grateful to Governor Ryan and the director and staff of the Department of Commerce and Community Affairs for the opportunity that this grant offers us," Paxton Mayor James E. Kingston said. "The immediate benefit allows Concrete Technology Inc. to expand into Illinois with its new Paxton facility. The long range advantages are the creation of program funds that Paxton will use in its continuing efforts to provide local jobs for its citizens."


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