CHARLESTON, W.Va. -- Members of the West Virginia Economic Development Authority decided Thursday to continue helping Fairmont Tool's expansion.
The authority gave preliminary approval for a 10-year, $900,000 loan to Fairmont Tool. In October, the authority approved a $3 million loan to the company for the purchase of land, financing construction of a new building and new equipment.
Thursday's loan is to buy more equipment, said WVEDA Executive Director David Warner.
Fairmont Tool performs machine pipe repairs, tests industrial pipes and threads pipes. Warner is confident in the companies' continued expansion.
"All of the [natural gas] drilling requires any pipe going into the ground be tested and they [Fairmont Tool] have become a preferred supplier of many drilling companies," Warner said.
The company employs 67 people, and will look to employ 98 workers after one year and 118 workers after three years.
Members also decided to postpone voting on a resolution for developments at Stonewall Jackson Lake State Park. Warner said it had three purposes.
"The resolution would release roughly 15 acres so the additional cabins could be financed," Warner said.
Warner said the trust indentures that govern bonds issued by the WVEDA for $2 million needs to be amended before private companies could develop the property.
"That's the big part of what the resolution is intended to solve," Warner said.
The hope is to build five cottages.
It would also allow for a renegotiation between the state Division of Natural Resources and the development company, MHLP. The current agreement expires in 2014.