Loan to help fill tech park building
CHARLESTON, W.Va. -- Building 6000 at the Regional Technology Park in South Charleston will have a new owner after the West Virginia Economic Development Authority gave preliminary approval for a $2.7 million loan to a Hurricane-based company Thursday.
The real estate company that received the loan -- OODA -- will lease a portion of the building to Alpha Technologies. Douglas Tate is president and chief executive officer of both companies.
Alpha Technologies, which provides voice, data networking, hardware and software services, will keep its headquarters in Hurricane. The 20-year loan expansion is expected to increase the number of jobs at Alpha Technologies from its current 50 employees to 105 in the next three years, according to the EDA.
Board members also gave final approval to the South Charleston tech park for a $1.5 million loan to finance a new boiler system.
Also Thursday, authority board members agreed to modify a loan agreement with Architectural Wood, which makes and installs architectural woodwork, casework and custom furnishings. The loan modification will increase the loan by $50,000 -- from $366,750 to $416,750 -- so the company can purchase a 32,000-square-foot building in Ronceverte.
Architectural Wood asked for the modification because of an increase in project costs at the Greenbrier County facility. The 26-year-old company will expand from its 10,000-square-foot-building in Roanoke, Va.
WVEDA board members approved three contracts with law firms to provide legal services to the authority during the fiscal year that begins July 1:
| The firm of Spilman, Thomas & Battle will provide general representation throughout the year at a cost not to exceed $140,000. Out-of-pocket expenses will not exceed $10,000. EDA Executive Director David Warner said the firm would provide its services using the same rate structure it has offered for several years.
| The firm of Bowles, Rice, McDavid, Graff & Love will serve as a secondary general counsel and will provide services for the authority's loan insurance program at a cost not to exceed $140,000.
| Bowles, Rice, McDavid, Graff & Love will also provide legal services at a cost of no more than $40,000.
In other business Thursday, authority members gave final approval for a $182,000 loan to HIC-Industrial Center, a private nonprofit of economic development in Huntington, to improve its existing building that it will lease to MISCOR Group. MISCOR performs motor repairs to various industrial and rail services.
The 10-year loan is expected to increase jobs at MISCOR from its current 31 employees to 46 in the next three years.
Reach Megan Workman at email@example.com or 304-348-5113