In other business Thursday, board members approved a $1.5 million loan for American Woodmark, a kitchen cabinet and vanity manufacturer with a site in Moorefield.
The loan will help American Woodmark buy new equipment for its manufacturing lines so that it can increase operations at its Hardy County location, according to the EDA.
The EDA will borrow $1.5 million from the West Virginia Infrastructure and Jobs Development Council to lend to American Woodmark.
If American Woodmark hits some benchmarks tied to employees and facility investments, it won't have to pay back the loan, Warner said.
For instance, if the company employs another 187 people for at least three years, which would give the company a total of 505 workers, and also invests at least $15.2 million, it wouldn't have to pay it back. The investments would include $12.6 million in equipment and $2.6 million for building and parking improvements.
Also, the company will be exempt from the state's 6 percent sales tax for materials and equipment, as it qualifies for the state's Manufacturing Property Tax Credit.
The EDA will hold the title for up to $12.6 million worth of equipment that American Woodmark would use at the plant.
Also on Thursday, EDA board members gave final approval to Citynet for a $7 million loan to finance a multi-year project intended to bring faster broadband services to the state. The Internet service provider has already started to install fiber-optic networks in West Virginia. The Bridgeport-based company has already invested $20 million in its first phase of the statewide project.
Reach Megan Workman at megan.work...@wvgazette.com or 304-348-5113.