May 21, 2010
Huntington’s River Place Tabled Until August
Economic Development Authority Has $20 Million Left to Award
By Tony Rutherford
Huntingtonnews.net Reporter
Huntington, WV (HNN) – A dream economic development project that would encompass ACF and a portion of the Flint Pigment Group still has a chance at funding. But the Economic Development Authority tabled the request Thursday, May 20. They MAY take another look if the public/private partnership has more loose ends under contract.
Meantime, the authority has awarded $50 million dollars in low interest bonds, leaving $20 left, although optimistically, the state could receive further low interest recovery zone funding.
RiverPlace has essentially two (or even three) components. The first would be a baseball stadium on the Flint Pigment Group property where Marshall University would play its home games and, perhaps, a lower level minor league team might come on board. Retail would surround the stadium.
Though the developers do not have a proposed deal with the owner of the ACF property, it could become the site of a residential law enforcement maritime training facility. Other possible entities --- research and development for the university, extended stay housing, hotel, and a track/soccer field for MU.
When interviewed previously Patrick Donovan, executive director of the West Virginia Port Authority, had just started sending out letters asking for the potential “public” partners to come together for a meeting. These would include Marshall University, Cabell County Commission , the City of Huntington and the Port Authority.
Donovan hopes to have preliminary feedback on a feasibility study in 90 days. The executive director called that an “aggressive” time frame.
The intensely shaped deadline for pulling together agreements and finances has Donovan getting down to a basic decision --- Should ACF remain or be re-developed for industrial use or would it be economically advantageous to add port-facilities, since Huntington represents the largest inland waterway in the country.
Donovan previously told HNN that he believed the RiverPlace project could be constructed in “phases,” but the private developers --- Keith McGuire of Huntington and Lexington’s Brad Burgess (Thayer Group) --- have not commented on building the vision in stages.
As for the ACF property, no one from that company has gone on record or even stated they would consider such a sale. The rail car hopper plant once had 450 employees, but now is rumored to employ only security guards.
Burgess acknowledged to another reporter that about $7 million dollars would be needed for environmental remediation of the soil. The plant rests on land which would have to be cleaned prior to re-development.
The stake holders seem to have the potential for a perfect fit and a win/win for the City of Huntington, if studies indicate that such a project would be economically feasible and those tax exempt low interest bond lure risk takers to invest.
Huntington/Cabell County received no money from the Economic Development Authority Thursday, May 20. They turned down a $800,000 request from Tri-State Institute of Pharmaceutical Sciences, which would have been used to renovate the former YMCA building in which it is located. This rejection came for lack of sufficient financial data.
If built, the full project could mean 750 new jobs and $250 million dollars in projected economic development for the City of Huntington. The Cabell County Commission gave Burgess and McGuire permission to file a last minute application for the bond money.
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Huntington’s River Place Tabled Until August
Economic Development Authority Has $20 Million Left to Award
By Tony Rutherford
Huntingtonnews.net Reporter
Huntington, WV (HNN) – A dream economic development project that would encompass ACF and a portion of the Flint Pigment Group still has a chance at funding. But the Economic Development Authority tabled the request Thursday, May 20. They MAY take another look if the public/private partnership has more loose ends under contract.
Meantime, the authority has awarded $50 million dollars in low interest bonds, leaving $20 left, although optimistically, the state could receive further low interest recovery zone funding.
RiverPlace has essentially two (or even three) components. The first would be a baseball stadium on the Flint Pigment Group property where Marshall University would play its home games and, perhaps, a lower level minor league team might come on board. Retail would surround the stadium.
Though the developers do not have a proposed deal with the owner of the ACF property, it could become the site of a residential law enforcement maritime training facility. Other possible entities --- research and development for the university, extended stay housing, hotel, and a track/soccer field for MU.
When interviewed previously Patrick Donovan, executive director of the West Virginia Port Authority, had just started sending out letters asking for the potential “public” partners to come together for a meeting. These would include Marshall University, Cabell County Commission , the City of Huntington and the Port Authority.
Donovan hopes to have preliminary feedback on a feasibility study in 90 days. The executive director called that an “aggressive” time frame.
The intensely shaped deadline for pulling together agreements and finances has Donovan getting down to a basic decision --- Should ACF remain or be re-developed for industrial use or would it be economically advantageous to add port-facilities, since Huntington represents the largest inland waterway in the country.
Donovan previously told HNN that he believed the RiverPlace project could be constructed in “phases,” but the private developers --- Keith McGuire of Huntington and Lexington’s Brad Burgess (Thayer Group) --- have not commented on building the vision in stages.
As for the ACF property, no one from that company has gone on record or even stated they would consider such a sale. The rail car hopper plant once had 450 employees, but now is rumored to employ only security guards.
Burgess acknowledged to another reporter that about $7 million dollars would be needed for environmental remediation of the soil. The plant rests on land which would have to be cleaned prior to re-development.
The stake holders seem to have the potential for a perfect fit and a win/win for the City of Huntington, if studies indicate that such a project would be economically feasible and those tax exempt low interest bond lure risk takers to invest.
Huntington/Cabell County received no money from the Economic Development Authority Thursday, May 20. They turned down a $800,000 request from Tri-State Institute of Pharmaceutical Sciences, which would have been used to renovate the former YMCA building in which it is located. This rejection came for lack of sufficient financial data.
If built, the full project could mean 750 new jobs and $250 million dollars in projected economic development for the City of Huntington. The Cabell County Commission gave Burgess and McGuire permission to file a last minute application for the bond money.
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