May 18, 2010
HADCO Property Option Not Renewed by Hutchinson
By Tony Rutherford
Huntingtonnews.net Reporter
Huntington, WV (HNN) – Developer Scott Hutchinson did not execute an agreement to lease space at the Huntington Industrial Center, according to Steve Williams, a member of the Huntington Municipal Development Authority (HMDA). Mark Bates, HMDA member and vice chairman of council, also confirmed “no deal,” but could not provide additional details.
At a Friday, May 14 meeting HMDA gave Scott Hutchinson until 5 p.m. Monday, May 17 to exercise an option to lease 120,000 square feet at the Industrial Park.
During a lengthy executive session, HMDA discussed amendments proposed by Hutchinson. They rejected at the special meeting Friday.
Hutchinson originally had until April 30, 2010 to exercise the option which called for him to lease for three year property where the Owens-Illinois glass factory once stood. He would have then purchased the 40 plus acres after three years for $4 million dollars. The location included the vacant 400,000 square foot SNE location. The manufacturer of vinyl windows and patio doors closed in 2008.
Steve Williams told Huntingtonnews.net that Tom Bell, executive director, had forwarded an e-mail that Hutchinson would not exercise the option.
A lease at the industrial park could have offset the loss of rental income at Kinetic Park. As it stands, the HMDA has serious cash flow difficulties and the city must pay from C.D.B.G. funds the $400,000 loan on Kinetic Park. Having to budget the loan payment into C.D.B.G. allocations has resulted in the City of Huntington not fully funding community based projects.
In addition, a meeting of the HMDA listed for Monday at 4 p.m. had been canceled a month ago due to a vacation.
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HADCO Property Option Not Renewed by Hutchinson
By Tony Rutherford
Huntingtonnews.net Reporter
Huntington, WV (HNN) – Developer Scott Hutchinson did not execute an agreement to lease space at the Huntington Industrial Center, according to Steve Williams, a member of the Huntington Municipal Development Authority (HMDA). Mark Bates, HMDA member and vice chairman of council, also confirmed “no deal,” but could not provide additional details.
At a Friday, May 14 meeting HMDA gave Scott Hutchinson until 5 p.m. Monday, May 17 to exercise an option to lease 120,000 square feet at the Industrial Park.
During a lengthy executive session, HMDA discussed amendments proposed by Hutchinson. They rejected at the special meeting Friday.
Hutchinson originally had until April 30, 2010 to exercise the option which called for him to lease for three year property where the Owens-Illinois glass factory once stood. He would have then purchased the 40 plus acres after three years for $4 million dollars. The location included the vacant 400,000 square foot SNE location. The manufacturer of vinyl windows and patio doors closed in 2008.
Steve Williams told Huntingtonnews.net that Tom Bell, executive director, had forwarded an e-mail that Hutchinson would not exercise the option.
A lease at the industrial park could have offset the loss of rental income at Kinetic Park. As it stands, the HMDA has serious cash flow difficulties and the city must pay from C.D.B.G. funds the $400,000 loan on Kinetic Park. Having to budget the loan payment into C.D.B.G. allocations has resulted in the City of Huntington not fully funding community based projects.
In addition, a meeting of the HMDA listed for Monday at 4 p.m. had been canceled a month ago due to a vacation.
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