Harrison County Development Authority votes to open up opportunity to finance county property purchases to other county banks | News

CLARKSBURG, W.Va. (WV Information) — The Harrison County Improvement Authority voted Friday to hunt curiosity letters from extra banks throughout the county for the financing of two county property purchases.

The Harrison County Fee this month has signaled its intent to maneuver ahead on the 2 property purchases — one at 609 W. Essential Avenue in Clarksburg to be used as a Sheriff’s Workplace legislation enforcement headquarters and one other close to North Central West Virginia Airport for financial improvement tasks — with financing preparations nonetheless within the works.

The Clarksburg property value is $265,000, and the airport property value is $three million.

The fee has but to find out whether or not the Clarksburg property can be financed or bought outright. Commissioner Patsy Trecost stated he’s in favor of buying the property however wish to discover the cash within the price range slightly taking over extra debt or pulling the cash from financial savings.

The movement to maneuver ahead with the acquisition and decide the strategy of cost at a later date finally handed 2-to-1, with Fee President Ron Watson and Commissioner David Hinkle in favor.

As for the airport property, commissioners unanimously handed a movement signaling their intent to maneuver ahead on the acquisition, with a caveat that commissioners approve financing preparations earlier than the sale.

As a result of the county fee can not beneath state legislation enter into multi-year financing agreements, the purchases should cross by one other entity — on this case, the Harrison County Improvement Authority.

The authority would finance the properties and lease them again to the county for a month-to-month cost that matches the mortgage cost.

County administrative workers went by MVB Financial institution to rearrange the financing as a result of that financial institution holds the county’s accounts, in response to County Administrator Willie Parker.

The mortgage offered to the Improvement Authority for the airport property, which might be bought from the Benedum Airport Authority, could be within the quantity of $2.25 million, with a 6-year time period and three.75% rate of interest.

The Improvement Authority movement to hunt different mortgage choices was accepted unanimously. The letters of intent can be due by midday Nov. 13, after which the Improvement Authority will meet once more to contemplate transferring ahead.

Trecost, who additionally sits on the Improvement Authority, stated all Harrison County banks ought to have a possibility to make a proposal.

Improvement Authority member Andy Lang stated he believes it’s cheap to offer different Harrison County banks a possibility to offer the mortgage. A two-week turnaround to offer a letter of curiosity could be adequate for banks and never intervene with the airport authority’s improvement timeline.

Lang stated he’s not hopeful {that a} financial institution will supply a bid with no requirement for the county to maneuver all accounts to that financial institution.

Parker stated he doesn’t consider the Harrison County Sheriff’s Workplace could be prepared to maneuver the county’s accounts.

Employees Author JoAnn Snoderly could be reached at 304-626-1445, by e-mail at jsnoderly@theet.com or on Twitter at @JoAnnSnoderly.

— to www.wvnews.com

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