SOUTH CHARLESTON, W.Va. — The South Charleston City Council approved two resolutions Thursday in regards to the reimbursement of expenditures in connection to the city’s acquisition of the fly ash pond for commercial development.
The pond is located in the city’s tax-increment financing district, in which multiple businesses would be located on the property. The planned shopping complex would generate more than $350 million in tax revenue.
The passed resolutions regarded capital expenditures such as environmental and engineering costs, as well as the building commission to lease related bonds.
“These are the procedural things we need to do prior to being able to move forward,” South Charleston Mayor Frank Mullens said.
Mullens explained money from the sale of bonds will go toward the related costs, and possibly expenditures related to acquiring the property for development.
“There won’t be any revenue from this property until the stores are open and going,” he said. “Step one is purchasing the property. Step two will be the remediation process of the property.”
Mullens said he expects stores to open in 2020, and bids are being accepted for work regarding clearing the site, which Mullens said is set to start this winter. The bids will be accepted until Dec. 22.