Power Electronics, Inc. Receives $200,000 Grant from Queen Anne’s County Economic Development Incentive Fund
Power Electronics, Inc., of Millington, was presented with a $200,000 grant through the Queen Anne’s County Economic Development Incentive Fund at a ceremony on August 5, 2014 at its facility at the corner of Lime Landing Road and MD Rt. 313.
Karen Taylor, CEO, and John Hubbard, Co-Owners, accepted the check from Dieter Shierer, chairman of the Economic Development Incentive Fund committee at the facility. Also in attendance were Michael Whitehill and Midgett Parker, members of the Economic Development Incentive Fund committee; Dr. Faith Elliott-Rossing, Director of Queen Anne’s County Economic Development, and Jean Fabi, Business and Economic Development Liaison for Queen Anne’s County.
Founded in 1989, Power Electronics, Inc. manufactures custom outdoor sub-station control and distribution enclosures, utility relay panel and industrial control systems. The company relocated from Delaware to Queen Anne’s County in 2009 to expand its operations within a 100,000 square foot building. The company has grown from 40 to 162 employees and plans to employ an additional 30 by the end of the year.
“All of the assistance we receive from Queen Anne’s County enables us to not only expand our facility but create new jobs and facilitates our efforts to train and upgrade our number one resource – our growing employee base,” said Taylor. The Economic Development Incentive Fund grant is assisting in funding the construction of a 60,000 square foot outside staging area and new entrance.
Power Electronics, Inc. is one of eight Queen Anne’s County companies that received awards from the first round of funding totaling $754,500 from the Economic Development Incentive Fund in June, 2014. The results of the eight awards, which total approximately half of the existing fund, will generate 118 full-time and 32 part-time employees. The recipients represent a broad spectrum of industry sectors including agriculture (2), manufacturing (2), medical/research and development, technology, service/retail and hospitality, and are geographically dispersed across the county. The companies that received funding in the first round of applications are: The companies receiving funding in the first round of applications are: Power Electronics, Inc., in Millington received an expansion grant for site improvements. Chesapeake Farmers’ Cooperative, in Sudlersville received an expansion grant for equipment acquisition. Centreville Manufacturing, Inc., in Centreville was given an expansion grant for equipment acquisition. Harpoon Medical, Inc., in Stevensville was awarded a research and development grant. Kent Manor Inn, in Stevensville, was offered a loan for construction. Boyle Brothers Seed Processing in Queen Anne, was given an expansion grant for equipment acquisition. The Grooming Place Pet Shop, in Chester, is received a training grant. Authentik Solutions, Inc., in Chester, was given a research and development grant.
“Queen Anne’s County could not be more pleased that Power Electronics, Inc. took a leap of faith in 2009 by relocating here and we are very pleased that the company has continued to expand and create employment opportunities,” said Dr. Faith Elliott Rossing, Queen Anne’s County Economic Development Director, “The retention of manufacturers, like Power Electronics, Inc., is consistent with the county economic development plan. We will continue to support Karen Taylor and her team and companies like Power Electronics, Inc. that want to locate in Queen Anne’s County.”
In October 2012, the County Commissioners adopted Resolution 12-19 that provides for $.50 of every recordation tax transaction being dedicated to the Economic Development Incentive Fund as a replenishment source of monies for the fund. The original $750, 000 came from the sale of lands in the Chesapeake Bay Business Park. The recordation tax monies are expected to generate about $350,000 each year. Currently, the fund has approximately a $1.4 million balance. In May 2013, the County Commissioners established the Economic Incentive Fund Commission to manage the Incentive Fund by encouraging new and existing businesses to invest in Queen Anne’s County under Resolution 13-05.
In the first round of the program, the county received seventeen applications requesting a total of $3.66 million from businesses representing technology and manufacturing firms as well as agriculture, medical, hospitality and mixed use commercial companies. The strength and completeness of the applications validates there is a need for programs such as this one to assist with economic development initiatives in Queen Anne’s County, right sized to fit the needs of the County’s businesses. It is anticipated another round of applications will be accepted before the end of calendar year 2014.
For more information about the Economic Development Incentive Fund Program, contact Dr. Faith Elliott-Rossing at 410.604.2100 or visit http://www.qactv.com/economic-development-incentive-fund.