CLARKSBURG, W. Va. — With a 2-1 vote Thursday, the Harrison County Commission moved along the $8 million in bonds to support development at the Charles Pointe area in Bridgeport.
The vote enters an order authorizing going to the market to fill the requirements of the loan that will be payed back through the parameters of the Tax Increment Financing area, where a portion of the sales tax collected within the area is designated for development within the same area.
“By doing so, the developer on council will now go out and see if anybody wants to participate in the transaction and lend the money to be paid back by that additional sales tax,” Commissioner Mike Romano said.
The money from the bond will allow the land to be purchased and given to the City of Bridgeport for development.
“Those parcels will purchased free and clear of all liens and any other debt,” Romano said. “No matter what happens at Charles Pointe, whether it goes on to be the greatest development in West Virginia or it fails, the City of Bridgeport or the county will continue to own those parcels free and clear.”
On the land, Bridgeport is planning to build a 500-seat conference center, a multipurpose building to house city agencies and rent to private businesses, a multipurpose facility which could be used to play host to a farmers market and a recreational facility. The conference center and the multipurpose facilities must be built within two years and construction must begin on the recreational center within five years.
The lone vote against approving the bonds was from Commissioner Bernie Fazzini. While not against the TIF districts, he would have rather used the area of Charles Pointe to attract a major retailer to create jobs, attract homeowners and lead to more activities for residents.
Romano believed this same goal can be accomplished with the current plan, just in reverse.
“These TIFs enable us to bring amenities that will attract more homeowner, attracting more businesses to that development in order to accelerate,” he said. “They may accomplish what would have taken 40 years, in the next five years.”
Another point Romano stressed was that, barring an unmitigated disaster, the taxpayers of Harrison County hold no responsibility in regard to the bonds, unless they decide to participate in the transaction.