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 busin...@dailymail.com or 304-348-4836.