Public/Private Partnership
Tax Increment Financing
New Market Tax Credits
SBA Loans
Business & Industry Loans
Historic Rehabilitation Credits
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Public/Private Partnership
One example of Century Equities involvement in public/private cooperation was seen in 2002 - 2003 in some very important economic development initiatives in West Virginia.
Beginning in 2001, Century Equities led an ambitious project to test the markets as to the possibility of restoring an historic urban area into a Victorian shopping district. The project required over $160 million in funding and Century Equities was assigned the task of creating the appropriate financing vehicle. The actual downtown project was set aside because of changing circumstances but much was accomplished.
Out of this effort came two important pieces of legislation, creating powerful new economic development tools in West Virginia:
- The West Virginia Economic Development Grant Committee was established
to authorize bonds for qualified economic development,
infrastructure, and capital improvement projects.
The committee was created by House Bill 4005 during
the 2002 regular legislative session. In 2004, over
$200 million in projects were funded under this program.
It was Century Equities' forward thinking and creative
project concept that prompted the State of West Virginia
to create such a committee, one that helped turn the
tide of development in the state.
- Century Equities introduced the concept and helped craft the legislation permitting
Sales Tax Increment Financing to be used for
certain major "destination retail" projects in the
state.
These two financing vehicles became the cornerstone of the major new Cabela's development near Wheeling, WV, valued at over $200 million.
Cabela's is the world's foremost outfitter and one of the nation's premier destination retailers. After seeing the need for a first class anchor tenant for Ohio County's Fort Henry development site, Century Equities targeted Cabela's and made the introduction between the two parties. The Ohio County Commission, working with the state economic development agency, used great determination to bring the project into reality.
Cabela's decided to not only build their next retail store in Wheeling, WV, but is also building a 1,000,000 square foot distribution center that will create many jobs for the area. The State of West Virginia predicts that 4.5 million people will visit the store annually.
Danny Aderholt, President of Century Equities, has been
an active member of the Board of Directors and the Executive
Committee of the Regional
Economic Development Partnership for many years.
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