PET developer Positron said it has accepted $30 million in economic incentives toward the cost of building a 70-MeV cyclotron in Gary, IN.
The sum includes $15 million in Tax Increment Financing (TIF) bonds from the city's Redevelopment Commission and another $15 million in New Market Tax Credits (NMTC), which together total about a third of the cost of building what Positron calls the largest cyclotron in the U.S.
The project will create about 50 permanent skilled jobs in the city over the next five years, said Positron, which is looking to raise about $65 million for the project through a combination of debt, equity, and incentives.
The cyclotron will be the highest energy commercial cyclotron in the U.S. and the largest project in Positron's history, the company said.
Positron has entered into a real estate agreement in an economic redevelopment district of the city with access to major transportation arteries. The company is working with the city of Gary to finalize an agreement regarding the proposed incentive package, Positron said.
