Who Is Red Regional Economic  Development
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Who Is Red Regional Economic Development

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Who Is Red Regional Economic  Development Who Is Red Regional Economic Development Presentation Transcript

  • Regional Economic Development Partnership 1310 Market Street 3rd Floor PO Box 1029 Wheeling, WV 26003 304-232-7722 / 232-7727 www.redp.org REDP
  • Historical
    • Private non-profit development corporation
    • Roots go back to Ohio Valley Industrial Corp. (1926)
    • Incorporated as OVIBDC in 1961
    • Staffed since 1978
    • Current staff of 9
    • Began serving Ohio County
      • Marshall County agreement in 1989
      • Wetzel County agreement 1992
  • Mission of the REDP
    • To create jobs and stimulate the local economy in Ohio, Marshall and Wetzel counties through:
      • Assisting with local business expansion
      • Recruitment of new business investment
      • Encouraging business start-ups through entrepreneurial activity
  • REDP Functions
    • Businesses wishing to relocate or expand in the area
      • site tours, community information, work force development, etc .
    • Administers numerous loans & loan packages
    • Markets the communities, commercial and industrial properties in Ohio, Marshall and Wetzel counties
    • Currently own 16 buildings
    • Administers leases, and manages 894,945 sq.ft. of real estate, and over 117 acres of land
    • Provides link to State Development office programs
  • RED Buildings / Properties
    • Wheeling Industrial Park (1980) -Peninsula
      • Own 4 buildings – tenants on a lease/purchase agreement
        • EPS – 150,000 sq. ft.
        • Hubco – 20,000 sq. ft
      • Last acreage sold 12/01
  • RED Buildings / Properties
    • East Cove Industrial Park (1985) -Elm Grove
      • Sledd Co. - $3.5 M building & expansion
      • Assisted with 2 other businesses: Custom Marble and Safety Kleen / Uwanta Linen
      • No property or buildings available
  • RED Buildings / Properties
    • Krasco Building (1990) – 70,000 sq. ft.- National Rd in Triadelphia
      • Tenants: PBL & United Fabricating
  • RED Buildings / Properties
    • Millennium Centre – Technology Park- Middle Creek Road
      • Building I – (1990) 15,000 sq. ft.
        • Sold to Touchstone 2004
      • Building II – (1993) 12,500 sq. ft.
      • Building III – (2001) 12,500 sq.ft.
      • Building IV – (2005) 42,850 sq.ft.
      • Tenants:
        • Touchstone
        • Research Labs
  • RED Buildings / Properties
    • Marshall County Industrial Park-Phase I (1994)-Route 2, McMechen
      • 14 acres (3 acres available)
      • Tenants: Northern Panhandle Conservation District; DK & BW LLC
    • Marshall County Industrial Park-Phase II (1998)- Route 2, Benwood
      • 40 acres (22 available)
      • Tenant: Arrow Concrete (acreage sold 2004)
      • Road extension Spring 2005 through WV Industrial Access Road Fund
  • RED Buildings / Properties
    • Marshall County Business Park (1995) Route 2 Moundsville
      • 4 acres available
      • 4 acres sold to Hal Don in 2006
      • Sold parcel to Pepsi Co. for dist. center
      • Built 65,000 sq.ft. building – 1998
        • $7.5 Million dollar project – lease/purchase with Teletech
  • RED Buildings / Properties
    • Wheeling Machine Roll Shop (2000) Peninsula St., Wheeling
      • Industrial & Office buildings
        • Industrial – 181,212 sq.ft. (65,000 sq.ft. avail.)
        • Office - 12,200 sq.ft. (fully leased)
      • Tenants:
        • EPS
        • AES Ind.
        • Essential Freight Systems
        • WV Dept. of Env. Protection
        • National Belt Service. of WV
        • TK Innovations
  • RED Buildings / Properties
    • Ohio Valley Building (OVB LLC- 90% RED Owned) (1997)- 10 th and Main Sts, Wheeling
      • Office - 26,730 sq.ft. (fully leased)
      • Historic Rehab tax Credits
      • Tenants:
        • Datatrac/CSC
        • My Big Toy Store (ATV’s)
        • H&R Block
        • Children’s Museum
        • Sesame Café
  • RED Buildings / Properties
    • Wetzel County Business and Industrial Park (2001)- 40 acres- Route 2, New Martinsville
    • Owned by GNMDC
      • REDP assists with the development and marketing of the park
    • 12,000 sq. ft. industrial shell building built in 2001.
  • RED Buildings / Properties
    • Wheeling Stamping Associates LP- (2001)
      • 88,000 sq.ft. industrial building renovated
        • $10 Million in improvements
        • $2 Million in acquisition and demolition
      • Leased to Orrick, Herrington, Sutcliffe – 10 year lease
        • Global Operations Center for the international law firm
        • Information technology & accounting positions
        • 250 employees: avg. salary $37,000 +benefits
    Stamping Before Stamping Finished
  • RED Buildings / Properties
    • Boury Building (purchased 2002) 1315 Main St. Wheeling
      • 13,953 sq.ft. commercial building
      • Leased to Wheeling Nailers
  • RED Buildings / Properties
    • Stone Center @ Market Plaza (2006)
    • Former Stone and Thomas department store
    • Acquired December 2004
    • 180,000 Sq. Ft. building
    • 22,000 Sq. Ft. per floor
    • $8,400,000 Renovation
    • Target market: High-end back office / Shared Services
    • Below market lease rates
  • The Stone Center @ Market Plaza Williams Lea: The leading global provider of Corporate Information Solutions
  • Financing
    • Loan Programs
    • State Micro-Loan:
      • OVIBDC received a $180,000 grant from the SBDC
      • Available to: Brooke, Hancock, Ohio, Marshall, Wetzel, Tyler
      • Up to $15,000 loan to eligible companies
    • SBA 504 Loan Program:
      • Up to $2 million per project
      • Manufacturing up to $4 million per project
      • SBA will finance up to 40% of the total project
        • 2 nd position behind other lender
        • Take-out financing
      • Available throughout WV
        • In conjunction with the 14 West Virginia Small Business Development Centers and the West Virginia Development Office
  • Financing
    • Loan Programs (cont.)
    • Revolving Loan Fund (RLF):
      • Serving Ohio and Marshall Counties
      • Up to $165,000 per loan
      • Shared first lien position
      • $35,000 per job created
      • Manufacturing companies eligible
  • OVIBDC Loans: 2009
    • SBA 504 program
      • 34 active loans throughout the state of WV
      • Active Loans:
        • $ 13,442,000 SBA loan / $37,606,000 total project
      • Loans currently in process (Approved but not closed):
        • $3,348,000 SBA loan / $15,820,000 total project
      • 2009 – anticipate 12 loans =$7,000,000 SBA loans / 15,700,000 Total Projects
    • State Micro-Loan program
      • $95,400 loan receivables to date