KEYSER - The Mineral County Development Authority is announcing the successful completion of a transaction with Ardagh Glass Inc. (Luxembourg-based Ardagh Group) which is also
the previous owner of the Chattanooga Glass Plant in Keyser.

For the News Tribune
KEYSER - The Mineral County Development Authority is announcing the successful completion of  a transaction with Ardagh Glass Inc. (Luxembourg-based Ardagh Group) which is also
the previous owner of the Chattanooga Glass Plant in Keyser.
The authority has a unique “non-profit” status fully sanctioned and regulated by the IRS  which permits such transactions as long as the acquired property is handled according to IRS rules. Those rules permit the authority (as a non-profit) to acquire and  simultaneously sell the property as long as the net revenue from the transaction is
dedicated to the continuous use of promoting industrial and business development in the county (and surrounding area).
The property was vacant (i.e., not currently in use) so the
seller (Ardagh) earns tax credits as a result of the sale to the authority, as a non-profit.
The property was then immediately sold by the Mineral County Development Authority to 83  Griffith, LLC, Houston, Texas.
These IRS rules have been in existence for many years but have never been acted upon by the authority. As a result of the transaction, the Mineral County Development  Authority will net approximately $700,000 which will be available to continue more  aggressively pursuing the work it is charged with, i.e., promoting industrial and business  development which results in new/better paying jobs and revenue through property taxes for the county.
According to IRS rules, the revenue accruing to the authority must be used for the intended purposes, i.e., promoting industrial and business development, and cannot be  used for other purposes. In that regard, the authority will continue to follow its strategic plan and can more effectively pursue the goals set forth in the plan.
In the past, MCDA has had a reduction in operating revenue from state and local agencies. The Local Economic Development Grant has been cut by approximately 33 percent. MCDA is happy to account for these reductions without relying on the tax payers of Mineral County, said Kevin Clark, executive director of the authority.