REDP
Regional Economic Development Partnership1310 Market Street 3rd FloorPO Box 1029Wheeling, WV 26003304-232-7722 / 232-7727www.redp.org
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)- 10th 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 shellbuilding 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
FinancingLoan 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
2nd 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 CountiesUp to $165,000 per loanShared first lien position$35,000 per job createdManufacturing 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