News | July 25, 2012

Positron Accepts $30 Million in Economic Incentives to Locate 70 MeV Cyclotron in Gary, Ind.

Tax increment financing funds help entice location of new cardiac PET image agent production facility

July 25, 2012 — Positron Corp. announced approval of a pledge for $15 million in tax increment financing (TIF) bonds from the redevelopment commission of the city of Gary, Ind., toward 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 percent, 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 to 150 construction jobs over the duration of the project.

This cyclotron, once completed, will be the highest energy commercial cyclotron within the United States, further advancing Positron's isotope production mission; the core of Positron's business plan.

For more information: www.positron.com 

 

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