W.Va. Economic Development Authority OKs loans for plants
Charleston, W.Va. -- Members of the West Virginia Economic Development Authority decided Thursday to OK preliminary loan approvals for a new manufacturing plant in Jackson County and the expansion of an existing West Virginia manufacturing operation in Putnam County.
Members approved a 10-year, $15 million loan to Carbonyx International. The Texas-based company specializes in an alternative coke product, called cokonyx. The multi-step, synthetic process works through a series of chemical reactions to produce the cokonyx that is then used in the metal industry.
This will be the company's first time doing business in the Mountain State.
"We are pleased to be a part of another new economic project happening in West Virginia," said WVEDA executive director David Warner.
Carbonyx will create 60 initial construction jobs. The multi-phased plant construction is expected to start next year and take 18 months to two years to complete.
The loan would be used for purchasing equipment. Carbonyx would employ 82 people after one year, and 92 people after three years.
In Putnam County, Multicoat Products is expanding its operation with the help of the WVEDA. Members approved a 10-year, $1.5 million loan to purchase land, construct a new building and acquire new equipment.
The WVEDA has done business with Multicoat Products before. A few years ago the WVEDA approved a loan for the company's expansion that never materialized, Warner said.
"They think they are in a position now to build," Warner said. "I'm confident they will be successful. They understand their marketplace better than anyone else."
Multicoat Products employs six people. After one year the company will employ 11 people, and after three years it will employ 18 people.
Warner also updated board members on an 11-acre, WVEDA-owned property in Tablers Station in Berkeley County. The WVEDA has owned the property near Interstate 81 for several years.
"Now that the dust has settled we are just trying to get it in as good of shape as possible to get it on the market for sale," Warner said.
Before putting the land up for sale Warner wants a road built on the property to access the four-lane highway. The WVEDA will advertise and take proposals in the next six to nine months.
"I'll be the happiest when we have sold it," Warner added.
Members also approved what Warner called a "clean-up" resolution that would give American Electric Power access to the rear of the Kyle Furniture building where renovations are underway for condominiums.
"AEP just wants the right to pass through state property to get to the rear of the building," Warner said.
Finally, the WVEDA received loan commitment letters from Sheridan Holdings, Aurora Flight Sciences Corporation and Greenbrier Valley Brewing Company.
The commitment letters signify that the companies will move ahead with the WVEDA's loan offer for their respective projects.
Reach Caitlin Cook at firstname.lastname@example.org or 304-348-5113.