CHARLESTON, W.Va. — The West Virginia Economic Development Authority has agreed to purchase a tract of land and two buildings from a Putnam County business.
The purchase would transfer ownership to the state of the assets of F.L. Schmidt Company. The business located in Putnam County within the past year and is up and running. The sale, approved on Thursday, is part of the original agreement which brought the company to West Virginia.
Officials say F.L. Schmidt planned to build the buildings on acreage in the Fraziers Bottom Industrial park and then sell it to the state. The state in turn agreed to lease the property back to the company for 20 years.
State officials said the sale creates two advantages for the company. They’ll have the asset off their books for accounting purchases and will have to pay less in real estate property taxes to Putnam County.
F.L. Schmidt makes screens used in coal, mineral, and aggregate industries to separate materials by varying sizes.