CHARLESTON, W.Va. - The state Economic Development Authority on Thursday gave initial approval to a $5 million loan that will allow Old Fields-based TenX Group LLC to buy a 691-acre tactical training complex in Hardy County.
TenX, founded in 2011, is a private company that offers training services and support to special operations forces and national intelligence agencies.
The seven-employee company plans to buy the former Moorefield Training Center, located near Old Fields in Hardy County. Through the acquisition, the company hopes to expand to employ 40 people over the next 3 years.
TenX is changing the name of the facility to the Panthera Training Center.
Located about 2 hours away from Washington, the company will offer tactical and special operations training to various agencies, including the U.S. military, State Department, law enforcement and private security contractors.
According to the company's website, the facility will offer training in several areas, including firearms, driving and convoy operations, specialized urban warfare and closed quarter battle tactics, executive protection and survivability training.
The 691-acre training ground features more than 16 miles of paved and off-road vehicle training, nine firing ranges, a demolition explosives range, personnel obstacle course, mock town setup, barracks and several classrooms with capacities varying from 12 to 120 people.
Unlike other training facilities, the Panthera center also offers unrestricted nighttime weapons firing ranges.
The preliminary approval granted Thursday begins the loan process.The authority will still have to grant final approval at a later date.
The $5 million, fixed-rate loan will be paid back over a term of 15 years. The interest rate on the loan will be set at the its closing and will be based on the U.S. Treasury 20-year bond rate plus 75 basis points.
In addition to the TenX loan, the authority also granted initial approval to a 15-year, $140,000 loan to Vintec Manufacturing in Dixie.