Governor Announces $4.7 Million In Funding For Pinckneyville Company
FOR IMMEDIATE RELEASE
March 14, 2000
PINCKNEYVILLE-Governor George H. Ryan today announced state assistance totaling more than $4.7 million for expansion of the Matsushita Universal Media Services (MUMS) facility in Pinckneyville.
"This financial commitment is an investment in the people of southern Illinois," Ryan said. "High technology jobs are sorely needed in an area hit by coal mine closings and other economic challenges. The MUMS project has been a top priority of my administration, and with our new economic development tools, our efforts have paid off in this expansion."
The $76 million project will create 500 jobs and retain 400 jobs in southern Illinois.
The State of Illinois assistance package consists of $2.5 million in Illinois FIRST funds spread over two state fiscal years, $500,000 in Community Development Assistance Program (CDAP) funds, $540,000 in Business Development Public Infrastructure Program (BDPIP) funds, and $700,000 in Industrial Training Program (ITP) funds over three years. In addition, the project also will receive Illinois EDGE benefits and Enterprise Zone benefits.
The Illinois FIRST funds will be granted to the City of Pinckneyville to help with costs associated with land acquisition, site preparation and construction of the 50,000 square foot warehouse adjacent to the current MUMS facility. The CDAP and BDPIP funds will be granted to the City of Pinckneyville to pay for required roadway, parking and drainage improvements required by the project. ITP funds are used for worker training.
The City of Pinckneyville is also expected to make benefits available through the local Tax Increment Financing district. Negotiations on the state assistance package were led by the Illinois Department of Commerce and Community Affairs (DCCA).
"Illinois was in direct competition with Kentucky for this project," said DCCA Director Pam McDonough. "Governor Ryan's aggressive business assistance programs, combined with a productive workforce and a friendly pro-business climate make Illinois an attractive place to bring good paying jobs. We expect a quick return on this investment in the form of higher payroll and other taxes generated by the new jobs."
The partners in the MUMS joint venture are Seagrams Corporation's Universal Music and Video and Matsushita's Panasonic Disc Services. The purpose of the new company is to produce the next generation of digital media known as digital virtual discs or DVD's.