The state Economic Development Authority has tabled a request for a $3-million loan to build a golf course in Pendleton County but given preliminary approval to loans for projects in Kanawha, Tyler and Ohio counties.
During a busy monthly meeting, the authority on Thursday also agreed to sell properties in Brooke and Harrison counties, to transfer property in Berkeley County, and to move forward with the sale of up to $ 3 million in bonds to finance the purchase of a building on Virginia Street West in Charleston for the state Medical Examiner's Office.
Golf Estates Limited Liability Co. had requested a loan to build a golf course in Pendleton County. The authority considered the request behind closed doors. David Satterfield said during the public portion of the meeting that the request was tabled because "we're looking for more information."
Satterfield is executive director of the West Virginia Development Office. As the governor's representative on the authority's Board of Directors, he chaired the meeting.
Robert Locklin, the organizer of Golf Estates, said after the vote, "I have every confidence we can meet whatever requirement they have."
Locklin said an 18-hole golf course "is a project that is sorely needed in Pendleton County." Construction of a course, he said, "is not just to accommodate people in Pendleton County. We hope this will be the trigger to promote tourism in our part of the state."
The course would be built five miles east of Franklin and about one-quarter mile from U.S. 33, atop South Fork Mountain. It would be known as the Highlands Golf & Sports Club. Locklin said he has acquired 180 acres and anticipates the project will encompass 750 acres. He said former professional golfer William Ward would design the course.
Locklin hopes to have the course completed by the spring of 2006.
In other action Thursday, the authority gave preliminary approval to:
-- A $371,250 loan to Structural Systems Inc. of Dunbar to acquire a 53,000-square-foot building on seven acres in Nitro. The authority said the steel fabricator plans to relocate from its existing Nitro plant.
-- A $500,000 loan to Alumitech of West Virginia Inc. to provide permanent financing of a 24,000-square foot building and upgrades to the company's mill operations in the Ben's Run Industrial Park at Friendly.
-- A $300,000 loan to the Ohio Valley Industrial and Business Development Corp. to help finance the purchase and renovation of the former Stone & Thomas department store building in downtown Wheeling.
Also during the meeting, the authority agreed to sell:
-- The idle Aurora casket plant in Clarksburg to the company for about $2.1 million. Authority Executive Director David Warner said that under its lease, Aurora has the right to buy the building for the unpaid balance of the lease. The authority said Aurora has found a buyer who intends to use the building as a warehouse and distribution center.
-- The warehouse and distribution center in the Three Springs Industrial and Business Park, Weirton, currently leased to Rue 21 Inc., to Sunjoy Group for $6 million. The authority will loan Sunjoy the $6 million. The authority said Sunjoy plans to locate its manufacturing operations there and will sublease a portion of the property to Rue 21 so that firm can continue operating there.
-- About 1.5 acres of vacant land in the Three Springs Industrial and Business Park to Ocean-Air International, a Pennsylvania company, for $40,000 per acre. Warner said Ocean-Air plans to build a 6,000-square-foot building and lease it to up to four tenants.
Warner said that following the sales, the authority will still own more than 100 acres in the business park, which is off the Three Springs Drive exit of Route 22, Weirton.
The authority also agreed to transfer property in the Berkeley County Industrial Park. Warner said the transaction will allow Federal Express Corp. to buy the Parcel Direct division of Quad/Graphics Inc.
Authority board members unanimously agreed to move forward on a bond issue of up to $3 million to allow the state Medical Examiner's Office to purchase property it currently leases at 619 and 627 Virginia St. W. in Charleston.
Four firms submitted bids to serve as bond counsel for the bond issue. The authority agreed to hire the Charleston law firm Spilman Thomas & Battle for $12,000. Warner said a review committee recommended Spilman based on price.
Fifth Third Securities, J.P. Morgan Chase, and a partnership composed of Crews & Associates and Ferris Baker Watts Inc. submitted bids to provide investment-banking services. The authority agreed to hire the Crews-Ferris Baker partnership for $40,000.
The federal government will allow entities to issue up to $233.7 million in tax-exempt industrial revenue bonds for West Virginia projects this year.
The authority and the West Virginia Housing Development Fund are responsible for allocating these bonds.
The authority approved the allocation of:
-- Up to $10 million in tax-exempt bonds to assist with the redevelopment of the Spring Hill Apartments project in Charleston by developer Scott Canel. Warner said the total project cost is $30 million.
-- Up to $10 million in tax-exempt bonds to be used by West Virginia Tire Disposal Inc. to expand its landfill in Nicholas County.
Source: Charleston Daily Mail (West Virginia)
