The West Virginia Economic Development Authority board agreed to issue up to $18 million in bonds to buy the Greenbrooke building on Charleston's East End for the state.

The WVEDA approved the bond resolution at its monthly meeting on Thursday.

The state decided to purchase the building at 1124 Smith St. because it was more cost-effective the renting, said John Stump of Steptoe & Johnson, who is representing the state in the transaction.

The building houses the offices of the state Tax Department, Geological and Economic Survey and Insurance Commission. The first floor houses businesses of the building's current owner, developer Al Summers.

There will no change in the building's existing state offices, but the private tenants will vacate when the building is purchased, said Bill Hicks of the Department of Administration.

The purchase price is $13.9 million, Stump said. Although the bond resolution allows for up to $18 million, the total cost of purchasing the building is about $16 million, Stump said.

The purchase likely will be complete by the end of June, he said.

The board also issued a $16 million bond to purchase and lease back equipment at the Hino Motors Manufacturing U.S.A. Inc. facility in Wood County, and issued more than $290 million in refunding bonds to ongoing power projects in the state.

The refunding bonds are for projects at Appalachian Power Company's Mountaineer Plant and the Ohio Power Company's Sporn and Kammer plants. 

The WVEDA's refunding bonds will be used to pay off the old bonds, said counsel Bryer Nettles of Hunter & Williams in Richmond, Va. It's similar to when homeowners refinance their mortgages, she said.

In other business, the board gave final approval for four loans: $540,000 to BMR LLC of Huntington; $796,000 to Clerietta WV LLC of Winfield; $450,000 to Multicoat Products Inc. of Winfield and $360,000 to B&D Investments LLC of South Charleston.

The board gave preliminary approval for three loans: $353,000 to Service Pump & Supply Co. Inc. of Huntington to renovate their Wayne County facility; $675,000 to Total Recycling Solutions LLC of Ravenswood to purchase extrusion lines and equipment at their Jackson County facility; and $1.62 million to 5S LLC of Ravenswood to purchase the facility for Total Recycling Solutions. 

To contact staff writer Sarah K. Winn, use e-mail or call 348-5156.

The West Virginia Economic Development Authority board agreed to issue up to $18 million in bonds to buy the Greenbrooke building on Charleston's East End for the state.

The WVEDA approved the bond resolution at its monthly meeting on Thursday.

The state decided to purchase the building at 1124 Smith St. because it was more cost-effective the renting, said John Stump of Steptoe & Johnson, who is representing the state in the transaction.

The building houses the offices of the state Tax Department, Geological and Economic Survey and Insurance Commission. The first floor houses businesses of the building's current owner, developer Al Summers.

There will no change in the building's existing state offices, but the private tenants will vacate when the building is purchased, said Bill Hicks of the Department of Administration.

The purchase price is $13.9 million, Stump said. Although the bond resolution allows for up to $18 million, the total cost of purchasing the building is about $16 million, Stump said.

The purchase likely will be complete by the end of June, he said.

The board also issued a $16 million bond to purchase and lease back equipment at the Hino Motors Manufacturing U.S.A. Inc. facility in Wood County, and issued more than $290 million in refunding bonds to ongoing power projects in the state.

The refunding bonds are for projects at Appalachian Power Company's Mountaineer Plant and the Ohio Power Company's Sporn and Kammer plants. 

The WVEDA's refunding bonds will be used to pay off the old bonds, said counsel Bryer Nettles of Hunter & Williams in Richmond, Va. It's similar to when homeowners refinance their mortgages, she said.

In other business, the board gave final approval for four loans: $540,000 to BMR LLC of Huntington; $796,000 to Clerietta WV LLC of Winfield; $450,000 to Multicoat Products Inc. of Winfield and $360,000 to B&D Investments LLC of South Charleston.

The board gave preliminary approval for three loans: $353,000 to Service Pump & Supply Co. Inc. of Huntington to renovate their Wayne County facility; $675,000 to Total Recycling Solutions LLC of Ravenswood to purchase extrusion lines and equipment at their Jackson County facility; and $1.62 million to 5S LLC of Ravenswood to purchase the facility for Total Recycling Solutions. 

To contact staff writer Sarah K. Winn, use e-mail or call 348-5156.