ECONOMIC OUTLOOK/ENERGY MONDAY, FEB. 1, 2016
PROGRESS I — SECTION A
Contributed
Hancock Auto, a $5 million, state-of-the-art Chrysler-Jeep dealership, took shape throughout 2015 on the former Newell stadium property, which was acquired by the BDC when the property was put up for sale. The site was one of several BDC purchases that proved the public-private partnership works for redevelopment of lands in Hancock and Brooke counties. The dealership opened in mid-January.
Success in all directions Business Development Corp. points to projects helping to lower area unemployment, dramatically raise payroll
By PAUL GIANNAMORE Staff writer The Business Development Corp. of the Northern Panhandle can cite successes from Chester to Beech Bottom. And one of its bigger, yet-to-be, projects shows just how much of a long-haul redevelopment of sites can be. Pat Ford, BDC executive director, notes that the corporation reorganized in 2009-10 and statistics show that the course it’s taken is working. For example, the unemployment rate has fallen by nearly half. In 2010, Brooke County had an unemployment rate of 11.8 percent and Hancock County was at 12.8 percent. In October, the last report available, Brooke was at 6.2 percent and Hancock County was at 6.7 percent. The BDC has been involved in preserving 401 jobs and in the creation of 1,205. Payroll is up by $8.3 million in Hancock County and $49.5 million in Brooke County, for a total of $57.8 million in the two counties, just from BDC-involved projects since 2009. Ford said total public and private investment for those projects is $168 million, working out to $1.69 million in public investment and $88.6 million in private investment in Hancock County, and $2.65 million in public investment and $75.06 million in private
investment in Brooke County. BDC has helped obtain grants totaling $4.2 million. That would include some hoped-for pending grants, including a $600,000 coalition grant being sought in conjunction with the Jefferson County Port Authority and the BrookeHancock-Jefferson Metropolitan Planning Commission for brownfield reclamation; $200,000 being sought for cleanup of the former Jimmy Carey Stadium, $200,000 for cleanup of issues at Williams Country Club, a $160,000 Benedum Foundation site-ready program grant and $200,000 from the Infrastructure Jobs and Development Council. Grants have come from sources, including the U.S. Environmental Protection Agency, the U.S. Economic Development Administration, the West Virginia Development Office, the Benedum Foundation, Wells Fargo and Huntington banks and the Infrastructure Jobs and Development Council. The work has led to projects as diverse as the conversion of the former Oak Glen stadium site into a $5 million investment for the new Hancock County Chrysler dealership to the re-use of a former fire station on Pennsylvania Avenue as a new Domino’s sit-down restaurant to a successful industrial park developed out of the former Wheeling Corrugating
mill in Beech Bottom. A REORGANIZED BDC “What’s very exciting about these numbers is, when I was hired back in 2009, I was directed to do three things: Work with the executive committee to reorganize the BDC — at the time it was accused of being Weirton-centric and not having a broad cross section of private and public interests on the board spanning from Chester to Beech Bottom,” Ford said. “So we made it more regional, expanded the technical capacity of the board members so that it includes not only Relators but bankers and insurers, developers and CEOs in industry. It’s the service industries, the education industry. Then, we increased the public representation beyond the two boards of county commissioners and the city of Weirton, so it was restructured to create opportunities for other municipalities to invest in the BDC.
“Now, you see all of those interests and a broad representation of municipalities,” he said. Second, Ford said, was the need for a plan. The BDC was awarded a $200,000 grant from the U.S. EDA to prepare an economic adjustment strategy. The AECOM engineering consulting firm of Atlanta performed the study. The BDC at the time didn’t have property it could try to develop or even any jobs to say that it had created. “The BDC at the time was a clearinghouse of information. If a prospect called, we’d tell them what the state offered and what was available,” he said. “We were brokering communications.” The board determined to focus on what properties presented opportunities if they were added to the BDC’s real estate inventory, or if the BDC needed to acquire and redevelop sites itself. The study helped identify industries that should be specific tarSee BDC Page 2A Á