|Purpose: Public Hearing on Issuance of Dock and Wharf Facilities Revenue Bonds|
NOTICE TO RESIDENTS OF THE STATE OF WEST VIRGINIA AND OTHER PERSONS INTERESTED - ISSUANCE BY THE WEST VIRGINIA ECONOMIC DEVELOPMENT AUTHORITY OF ITS DOCK AND WHARF FACILITIES REVENUE BONDS (EMPIRE TRIMODAL TERMINAL, LLC PROJECT), SERIES 2020
Notice is hereby given of a public hearing to be held on behalf of the West Virginia Economic Development Authority (the Authority), on Thursday, May 21, 2020, at 9:00 a.m., t 180 Association Drive, Charleston, WV 25311, with respect to the issuance from time to time as a plan of finance of one or more series of bonds (the Bonds) in an aggregate principal amount not to exceed $25,000,000, which may include refundings thereof, by the West Virginia Economic Development Authority. Proceeds of the Bonds will be loaned to Empire Trimodal Terminal, LLC, a Texas limited liability company, or an affiliate thereof or related person thereto (the Borrower), to finance or refinance the costs of acquiring, constructing, rehabilitating, developing, improving and equipping capital improvements, equipment, land and infrastructure and pay related financing costs with respect to dock and wharf facilities within the meaning of Section 142(a)(6) of the Internal Revenue Code, located on approximately 91 acres of land at 600 Veterans Parkway, Follansbee, West Virginia, along the Ohio River, including approximately 3,000 feet of riverfront improvements and six existing barge mooring clusters, petroleum storage tanks, waterfront pumphouse, seven loading ramps and rails footage, with additional mooring cells, tank storage, riverfront improvements, heavy equipment lot, 100,000 ton lift and other real and personal property to be constructed and equipped (together, the Project). The initial owner or operator of the Project will be the Borrower. The Borrower proposes to transfer ownership via capital lease to The County Commission of Brooke County, West Virginia (the County), and to re-lease the Project from the County.
The Bonds shall not constitute an indebtedness of the Authority but shall be limited obligations of the Authority, payable solely from loan repayment proceeds or other revenues to be derived pursuant to a loan agreement to be entered into between the Authority and the Borrower. Neither the Bonds nor the interest thereon shall constitute a debt or pledge of the faith and credit or taxing authority of the State of West Virginia or of any county, municipality or any other political subdivision thereof.
The public hearing will be conducted by the Associate Director of the Authority. All interested persons are invited to attend such public hearing to express their views with respect to the nature and location of Project and the Bonds. To promote and protect the safety of both the public and the Authoritys staff in light of the COVID-19 pandemic, in lieu of physical presence at the public hearing, attendance will be solely by telephone. All those wishing to participate may call-in by toll free number at 1-888-273-3658, Participant Code: 9045340. Interested persons may submit their views in writing, or questions or requests for additional information may be directed, to Caren Wilcher, Associate Director, West Virginia Economic Development Authority, 180 Association Drive, Charleston, WV 25311 or e-mail Caren.D.Wilcher@wv.gov on or before 9:00 a.m. on May 21, 2020. This notice is published and the hearing is to be held in satisfaction of the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended.
by West Virginia Economic Development Authority