TRIADELPHIA - The repurchase of 32 acres at The Highlands likely won't occur until the Ohio County Development Authority needs the property, said Ohio County Commissioner Randy Wharton.
The OCDA sold the undeveloped land - located near the Town Center and Marquee Cinemas section of the site - to the West Virginia Economic Development Authority for $5 million about 17 months ago. Money from the sale was used to help pay down about $12 million worth of debt owed to contractors who worked at the site.
At that time, state officials said the OCDA had until April 1, 2010, to buy back the land, plus 5 percent interest, noting if the county could not meet the deadline, the state may develop the land itself. As the deadline passed, however, state EDA Director David Warner said his agency did not believe the county's deadline needed to be extended.
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WHARTON: County and state working together
Warner said his agency still has no time line for the OCDA to buy back the acreage.
He also said the state EDA does not plan to develop the land itself.
"Our goal is to cooperate with OCDA to maximize the value of the property and promote economic activity for the 32-acre site that best fits with the overall development at the Highlands," Warner noted via e-mail.
Wharton said the OCDA doesn't need to buy back the land at this time.
"When we need it, and if we need it, when we get to the point that we have a project that moves into encompassing that property, we will buy it back from the state," Wharton said.
He noted terms for repurchasing the acreage were never set in stone. The county, he added, has a good relationship with the state EDA.
"We're not two companies trying to one-up each other," Wharton said. "If we work together, anything is possible."
Wharton noted the acreage is better suited for light industrial-type ventures rather than retail, which dominates much of the site. He believes the state may have better leads than the county to attract light industry companies.
Warner said the OCDA is required to buy back the land from the state EDA before the OCDA can start developing it.