Who Is Red Regional Economic Development

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


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


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.


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

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