Done Deal
Washington PA Observer-Reporter
18 March 10
By Bob Niedbala, Staff writer
niedbala@observer-reporter.com
WAYNESBURG - The sale of 62 acres at Meadow Ridge Business Park in Mt.
Morris to Royal Crown Development has been concluded, Robbie Matesic,
acting director of the Greene County Industrial Authority, told the
authority
board Wednesday.
A Royal Crown affiliate, Shaft Drillers International, also received
approval from the county planning commission to begin building its new
four-story headquarters at the site, she said.
The company purchased the property from the Regional Industrial
Development Corp. for $875,000.
GCIDA approved an agreement in January dividing proceeds of the sale
with RIDC. Meadow Ridge was developed in the late 1980s by RIDC and
GCIDA.
GCIDA issued $850,000 in bonds to pay for infrastructure development at
the site.
The authority will receive about $180,000 from the sale and RIDC will
receive the remainder, Matesic said.
GCIDA agreed last month to transfer its share to the county, which
guaranteed the GCIDA bonds. About $450,000 in principal is owed on the
bonds and the county will have to come up with the difference to retire
the debt.
The bonds were expected to be repaid with money from the sale of park
properties. With the sale of the 62 acres to Royal, however, no
properties remain to generate money to repay the debt.
Though the county will take a loss, plans being developed for the site
were viewed as too important to pass up because of the opportunity for
jobs and growth, Matesic said.
She said the county still has to determine whether it will pay off the
debt in one lump sum or through payments.
Shaft Drillers International, which is involved in drilling for the
coal and natural gas industries, will employ 98 people at its new
headquarters. It received a $2.1 million funding package from the state
to persuade it to move to Meadow Ridge.
The board also agreed to solicit proposals for the authority's audit
and for security guards at the Mather reclamation site.