Sign In | Create an Account | Welcome, . My Account | Logout | Subscribe | Submit News | Contact Us | Home RSS
 
 
 

Sale OK’d for Three Springs business

February 25, 2014
By SHAE DALRYMPLE - Staff writer (sd) , The Herald-Star

WEIRTON - The West Virginia Economic Development Authority approved the sale of 17 acres in the Three Springs Business Park to Pietro Fiorentini USA on Thursday.

Pietro Fiorentini, a manufacturer of equipment used in the gas and oil industry, plans to build a $9 million facility on the Brooke County land. The development is expected to create 41 jobs initially and up to 150 jobs once fully operational.

The land will be sold for $13,250 per acre, according to Pat Ford, executive director of the Northern Panhandle Business Development Corp. Under normal circumstances, the land would sell for about $20,000 per acre, but the BDC bought down the price in order to make the property more attractive.

"This moves us one step closer to closing a deal that we've been working on for six months now," Ford said. "The local impact from the jobs it will create will be enormous. It will also close out the industrial use portion of the Three Springs Drive area, which should make the retail section more appealing for new businesses."

During his state of the city address on Feb. 12, Mayor George Kondik mentioned that city officials have been in contact with Pietro Fiorentini representatives in an effort to help facilitate the project.

"We're going to use federal tax increment money to build an almost $1 million infrastructure road," Kondik said.

The company has six months to close the real estate deal, and the start of construction on the facility is still at least 18 months down the road, according to Ford.

 
 

EZToUse.com

I am looking for: