TIDE board merges with Schuylkill group

For the better part of 60 years, Tamaqua Industrial Development Enterprises has been the driving force behind bringing new business to the greater Tamaqua area. The nonprofit group, chartered on March 23, 1959, has been successful in creating Tidewood and Tidewood East Industrial Parks in Rush Township.

That expansion also brought a like-minded partner, the Schuylkill Economic Development Corporation, a partnership that has been beneficial for both entities.

Thanks to the foresight and dedication of both groups, the local industrial park has reached the point where growth is virtually impossible, with just one unoccupied parcel. The focus has moved to where do we go next? How do we continue to improve the economic outlook for the area?

The answer proved to be a merger with SEDCO, a merger actively pursued for more than two years, but originally became feasible in 1995 when the two groups began working together.

The merger was approved by TIDE’s board of directors on Nov. 29 and will become effective at the end of this year. SEDCO’s board will vote on the merger at its meeting on Dec. 6. SEDCO has offered TIDE an assistant treasurer’s position as well as five seats on the board of directors. Making that move will be Joseph Pilla, Gary Karnish, Micah Gursky, Christine Verdier and Tammy Sword. The officer’s seat will be filled in January.

The merged group will keep the SEDCO name. There will be paperwork to complete, including an official valuation of TIDE’s property, a deed transfer and a final tax return. The estimated net worth of the combined entities was thought to be in the $16 million range.

In a final gesture to local community development, TIDE’s board approved a $500,000 donation to the Tamaqua Area Community Partnership. Those funds, according to TACP member Micah Gursky, will be used “to continue improving the Tamaqua community, just as we’ve done for 23 years. In 1994, we had an almost empty industrial park. Through hard work and partnerships, that park is almost full. The partnership will continue to work toward economic development, historic preservation and improvements to the downtown area.”

Frank Zukas, president of SEDCO, said, “Our two groups have been working together for more than 20 years. This (the merger) was the next logical step and will allow us to take advantage of larger projects as they present themselves.”

Jeff Bowe, longtime TIDE board member, said “I have no doubt this merger is the right move and will become part of our legacy.”