Who Is Red Regional Economic Development

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

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

Krasco Building (1990) – 70,000 sq. ft.- National Rd in Triadelphia
Tenants: PBL & United Fabricating

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

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

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

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

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

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.

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

Boury Building (purchased 2002) 1315 Main St. Wheeling
13,953 sq.ft. commercial building
Leased to Wheeling Nailers

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

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Who Is Red Regional Economic Development

by Regional Economic Development Partnership on Mar 11, 2010

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