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Regional Economic  Development Partnership 1310 Market Street  3rd Floor PO Box 1029 Wheeling, WV  26003 304-232-7722 / 23...
Historical <ul><li>Private non-profit development corporation </li></ul><ul><li>Roots go back to Ohio Valley Industrial Co...
Mission of the REDP  <ul><li>To create jobs and stimulate the local economy in Ohio, Marshall and Wetzel counties through:...
REDP Functions <ul><li>Businesses wishing to relocate or expand in the area </li></ul><ul><ul><li>site tours, community in...
RED Buildings / Properties <ul><li>Wheeling Industrial Park (1980) -Peninsula </li></ul><ul><ul><li>Own 4 buildings – tena...
RED Buildings / Properties <ul><li>East Cove Industrial Park (1985)  -Elm Grove </li></ul><ul><ul><li>Sledd Co. - $3.5 M b...
RED Buildings / Properties <ul><li>Krasco Building (1990) – 70,000 sq. ft.- National Rd in Triadelphia </li></ul><ul><ul><...
RED Buildings / Properties <ul><li>Millennium Centre – Technology Park- Middle Creek Road </li></ul><ul><ul><li>Building I...
RED Buildings / Properties <ul><li>Marshall County Industrial Park-Phase I  (1994)-Route 2, McMechen </li></ul><ul><ul><li...
RED Buildings / Properties <ul><li>Marshall County Business Park (1995) Route 2 Moundsville </li></ul><ul><ul><li>4 acres ...
RED Buildings / Properties <ul><li>Wheeling Machine Roll Shop (2000) Peninsula St.,  Wheeling </li></ul><ul><ul><li>Indust...
RED Buildings / Properties <ul><li>Ohio Valley Building (OVB LLC- 90% RED Owned) (1997)- 10 th  and Main Sts, Wheeling </l...
RED Buildings / Properties <ul><li>Wetzel County Business and Industrial Park (2001)- 40 acres- Route 2, New Martinsville ...
RED Buildings / Properties <ul><li>Wheeling Stamping Associates LP-  (2001) </li></ul><ul><ul><li>88,000 sq.ft. industrial...
RED Buildings / Properties <ul><li>Boury Building (purchased 2002) 1315 Main St. Wheeling </li></ul><ul><ul><li>13,953 sq....
RED Buildings / Properties <ul><li>Stone Center @ Market Plaza (2006) </li></ul><ul><li>Former Stone and Thomas department...
The  Stone  Center  @  Market Plaza Williams Lea: The leading global provider of Corporate Information Solutions
Financing <ul><li>Loan Programs </li></ul><ul><li>State Micro-Loan: </li></ul><ul><ul><li>OVIBDC received a $180,000 grant...
Financing <ul><li>Loan Programs (cont.) </li></ul><ul><li>Revolving Loan Fund (RLF): </li></ul><ul><ul><li>Serving Ohio an...
OVIBDC Loans: 2009 <ul><li>SBA 504 program </li></ul><ul><ul><li>34 active loans throughout the state of WV </li></ul></ul...
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Who Is Red Regional Economic Development

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Who Is Red Regional Economic Development

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

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