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NEW CUMBERLAND -- The Hancock County Board of Education, Tuesday, gave its approval to a financial agreement with Nucor Steel in connection with a facility the steel company plans to locate north of New Cumberland.
The board, through a unanimous vote, approved the Payment In Lieu of Taxes agreement with Nucor Steel West Virginia, the latest in a string of such agreements in the last year.
"Some of these are new businesses coming to the county," explained Superintendent Dan Enich, pointing to previous PILOTs with Form Energy and Current Hydro.
According to Nucor officials, plans include the development of a transloading facility on property along state Route 2, which will be designed to complement the steel manufacturing operation currently under construction in Mason County.
Enich reported the Hancock County operation is expected to provide between 60 and 80 jobs, with the company transferring ownership of the land to the West Virginia Economic Development Authority which would make it exempt from the payment of property taxes.
"They don't have to pay anything to the county," Enich said. "They are doing it for goodwill."
As explained by the superintendent, the school district would begin receiving $75,000 per year from the agreement, with increases based on reaching milestones of investment. By hitting a mark of between $150 million and $250 million in investment, the school district would receive $140,000 per year, with an increase to $195,000 per year if investments surpass $250 million.
Enich claimed the company also can take the property back from the state at any point, thus falling back under the county's regular tax regulations.
The county commission approved its own PILOT agreement with Nucor, by a 2-1 vote, with a 30-year term and starting with payments of $12,500 per year for the first two years, beginning July 1, 2025. Increases in funds also would be provided to the county commission based on Nucor reaching pre-established investment milestones.
In other business, the board was approached by a group of residents, wanting to express concerns over a school district employee, identified by one as the Weir High band director. Before getting too detailed in the discussion, though, members of the board voted to go into executive session, which lasted almost 40 minutes. Four of the residents -- who had signed up to publicly address the board -- were invited into the executive session with board members expressing concern about discussing potential personnel issues in public.
The board also approved a resolution for a lease purchase agreement for up to $3.1 million with Country Roads Leasing LLC, for a seven-year period. Enich noted the agreement was part of upgrades to the Oak Glen High School baseball and softball fields.
A public hearing was held in connection with the board's 2024-25 fiscal budget, with the board adopting the budget which must be submitted to the state by Thursday. The board also will hold a special meeting at 9 a.m., Friday, to discuss any possible changes to the budget.