"We're not lending anymore money," Warner said. "We're helping facilitate the top three floors of that building to be developed into privately owned condominiums."
WVEDA is transferring its approved existing loan to a new borrower, named Red, located in Wheeling. Red is an affiliate entity of the regional economic development partnership.
"Their financing structure to do that requires us to amend our collateral," he added.
Reimbursement through the WVEDA excess lottery revenue bonds for projects at Cacapon and Beach Fork state parks have been delayed.
"The way the statue was approved in last year's legislative session, it did not clearly define the priority of the debt service coming from the excess lottery," Warner said. "Our lawyers weren't comfortable closing on the bonds because of that technicality."
If the statue isn't clarified in special legislative session, Warner said it could be until the next legislative session before the DNR is reimbursed.
TenX Group LLC agreed to the WVEDA's loan terms for $5 million over 15 years, as well as, VinTech Manufacturing, LLC, agreeing to loan terms for $141,000 over 15 years. Two prior approved projects for Blackheart International and Moorefield Training Center have been canceled.
WVEDA members also approved the following slate of officers: Richard Slater, vice chairman; Parween Sultany Mascari, assistant secretary/treasurer; David Warner, assistant secretary/treasurer; Jackie Browning, assistant secretary/treasurer; and Erin McCoy, assistant secretary/treasurer. The governor will appoint a chairman.
Reach Caitlin Cook at caitlin.c...@wvgazette.com or 304-348-5113.