CLARKSBURG, W.Va. (WV News) — The Harrison County Growth Authority voted Friday to seek out curiosity letters from further banks inside the county for the financing of two county home purchases.
The Harrison County Commission this month has signaled its intent to move ahead on the two residence buys — 1 at 609 W. Primary Avenue in Clarksburg for use as a Sheriff’s Office environment law enforcement headquarters and an additional near North Central West Virginia Airport for economic advancement initiatives — with financing preparations still in the functions.
The Clarksburg house value is $265,000, and the airport home price is $3 million.
The fee has nevertheless to decide regardless of whether the Clarksburg residence will be financed or acquired outright. Commissioner Patsy Trecost said he is in favor of paying for the home but would like to discover the revenue in the price range relatively getting on more personal debt or pulling the income from cost savings.
The motion to transfer forward with the obtain and identify the technique of payment at a afterwards day eventually handed 2-to-1, with Fee President Ron Watson and Commissioner David Hinkle in favor.
As for the airport property, commissioners unanimously passed a motion signaling their intent to shift forward on the invest in, with a caveat that commissioners approve financing preparations just before the sale.
Because the county fee can not below condition legislation enter into multi-calendar year financing agreements, the purchases have to pass via yet another entity — in this circumstance, the Harrison County Growth Authority.
The authority would finance the properties and lease them back again to the county for a regular payment that matches the personal loan payment.
County administrative employees went by means of MVB Bank to prepare the funding because that financial institution retains the county’s accounts, in accordance to County Administrator Willie Parker.
The personal loan presented to the Growth Authority for the airport residence, which would be purchased from the Benedum Airport Authority, would be in the quantity of $2.25 million, with a 6-12 months phrase and 3.75% curiosity fee.
The Improvement Authority movement to look for other personal loan solutions was permitted unanimously. The letters of intent will be thanks by noon Nov. 13, soon after which the Growth Authority will meet again to consider transferring ahead.
Trecost, who also sits on the Growth Authority, reported all Harrison County banking institutions must have an prospect to make an offer.
Progress Authority member Andy Lang explained he believes it is realistic to offer other Harrison County banks an option to provide the loan. A two-7 days turnaround to offer a letter of curiosity would be ample for banking institutions and not interfere with the airport authority’s growth timeline.
Lang claimed he is not hopeful that a lender will offer you a bid with out a requirement for the county to shift all accounts to that lender.
Parker said he does not think the Harrison County Sheriff’s Workplace would be ready to go the county’s accounts.