The West Virginia Economic Development Authority approved the insurance on a $400,000 loan to the Polymer Alliance Zone for a computer parts recycling and research program May 15th. The insurance will be used as a down payment on an empty warehouse in Wood County, W.V. The PAZ is expected to make a formal proposal to take over the facility by the end of this month.
The Polymer Alliance Zone is organized as a public-private partnership among the plastics industry, education, and government and is funded by public and private sector sources. The Polymer Alliance Zone was created by an Executive Order by WV Governor Gaston Caperton on March 8, 1996.
At least eight companies creating around 180 jobs will be located in the 312,500-square-foot warehouse.
The insurance was extended while the original grant that was issued by the WVEDA is held up in court.
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