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Authority moves forward with Cacapon bond sale

The state Economic Development Authority plans to sell more than $24 million worth of bonds next month that will be used to expand and improve facilities at the Cacapon Resort State Park.

Authority members approved minor changes to a resolution that will help clear the way for the bond sale next month.

The bonds will be paid off over the next 30 years using funds from the state Excess Lottery fund.

The $24 million in revenue will be used to add an additional 80 rooms, a fitness area, expanded food service, a sauna and indoor/outdoor pool at the Morgan County resort. It will also pay for the expansion water and wastewater infrastructure at the resort, as well as golf course improvements.

Last year, the Legislature approved a bill allowing the state to sell up to $52 million worth of bonds to fund improvements at Cacapon and Beech Fork state parks.

As part of the changes made Thursday, any revenue generated by the $24 million bond sale for Cacapon that is not used for that resort can be applied to improvement projects for Beech Fork.

Authority Executive Director David Warner said the Beech Fork portion of the bonds would be sold at a later date. Beech Fork officials are still working to get engineering approval for their plans before moving forward with their project.

In other action Thursday, the authority board approved a 15-year, $900,000 loan for Raleigh County laboratory testing firm Analabs, Inc.

The company, which provides drug and environmental testing services for corporations around the region, is planning to build a new building, doubling the size of their current 7,000-square foot operation.

It will also use the funds to purchase new lab testing equipment that will be used in the new building. The company projects the expansion will increase the size of their workforce from 28 to 42 employees over the next three years.

The authority board also approved a plan to borrow up to $5 million from the state Infrastructure and Jobs Development Council to purchase a 120,000 square foot warehouse in Triadelphia from the Ohio County Development Authority.

The Ohio County Development Authority built the building, which houses Silgan Plastics Corporation. Silgan manufactures plastic bottles used in the food, personal care, health care and household products industries.

The Ohio County authority agreed to build the building for Silgan in order to help them expand their operations. The state development authority agreed to buy the facility from the county authority once construction was complete.

The state development authority will lease the building to Silgan and use those lease payments to pay off the $5 million, 20-year loan. @tagline:Contact writer Jared Hunt at business@dailymail.com or 304-348-4836.


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