GPU Foundation Sells Erie Bayfront Property; Contracts Signed and Deal Finalized.MORRISTOWN, N.J.--(BUSINESS WIRE)--Sept. 8, 1999-- The GPU GPU: see secret police. (Graphics Processing Unit) A specialized logic chip devoted to rendering 2D or 3D images. Display adapters contain one or more GPUs for fast graphics rendering. Foundation and Nicholas Scott, Sr. announced today that the land on the Erie Bayfront previously owned by the GPU Foundation has been conveyed to an affiliate of Scott Enterprises of Erie, Pennsylvania for approximately $2.2 million dollars. The property is located adjacent to the East Canal Basin on Presque Isle Bay in the City of Erie, PA. It includes the land west of the Maritime Museum and the pier to the north of the Erie County Library. "The GPU Foundation will use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the sale for contributions to non-profit organizations in GPU's service territory in support of their efforts to provide services that improve the quality of life for area residents," said Cynthia Stinger, vice chair of the GPU Foundation. The Foundation is a non-profit corporation that was established to earmark earmark taking a piece out of the edge or center of the ear with a punch as an identification mark. The shape of the mark may be registerable under local legislation. charitable contributions to organizations that qualify as tax exempt under Section 501(c)(3) of the Internal Revenue Code The Internal Revenue Code is the body of law that codifies all federal tax laws, including income, estate, gift, excise, alcohol, tobacco, and employment taxes. These laws constitute title 26 of the U.S. Code (26 U.S.C.A. § 1 et seq. . Nicholas Scott Sr. is President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Scott Enterprises, which owns and operates six hotels and four restaurants in northwestern Pennsylvania. More development is under way with the construction of a Courtyard by Marriott Courtyard by Marriott is a brand of hotels owned by Marriott International. They have over 2,800 hotels worldwide, as of June 2007. Courtyard by Marriott is designed for business travelers. hotel, a Valentino's Grand Italian Buffet restaurant and a banquet/conference center on upper Peach Street near I-90. Also under construction and due to open at the end of September is a new Quaker Steak and Lube Quaker Steak and Lube is a small, growing casual dining restaurant chain based in Sharon, Pennsylvania. The original (and current flagship) restaurant was built in 1972 on the site of an abandoned gas station in downtown Sharon, and decorated with license plates and unused restaurant also on upper Peach Street. Additionally, and upon approval of the Erie Western Port Authority's proposal to the state of Pennsylvania to build an 80,000 to 100,000 square foot $26 million convention center on the Bayfront site, Scott Enterprises would develop hotels and restaurants to support the center. Plans are also under consideration to develop the northeastern portion of the property (the old grain elevator pier) into condominiums, apartments or office buildings. The total investment in these projects could exceed $45 to $50 million over the next three years through private and state investments. "The state's support of the convention center is vital to developing the site to its full potential," said Nick Scott. "The Bayfront is one of Erie's most valuable assets and the opportunity to bring a new convention tourism industry to this region is a win-win for the community and the local economy." |
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