FAIRMONT– The Fairmont Economic Development Authority on Monday heard from Economic Development Director Linsey Preuss regarding a Fairmont business that’s considering a $15.1 million expansion.

Preuss said the company wants to remain unknown at this time. She shared that it would be a 30,000 sq. ft. expansion and an additional 15 jobs would be added in the first year and nine to 12 over the next five years.

Preuss said they’ve requested a nine year Tax Increment Financing (TIF), which is the maximum that’s allowed through an economic development TIF.

“I worked with the county assessor and we did some projections on what we believe the future tax value is of this facility and came up with the estimates for increments for school, city and county,” Preuss said.

She said the company is looking at doing the expansion in the spring of this next year. Regarding the project schedule, she said with a TIF, there are requirements through state statue that need to be followed. A TIF plan needs to be drafted, there needs to be a development agreement and notice needs to be given to the school district and county.

“All of the decisions are made at the city level,” Preuss explained.

Preuss said whatever the FEDA board decides will go to the Fairmont City Council at its Jan. 10 meeting. The council will then call for a public hearing.

“On Feb. 14, the public hearing would be held and that’s when they’ll make a decision,” Preuss said.

She said a representative from the business is planning to attend the city council meeting on Feb. 14.

Board members asked what questions the loan committee had. Preuss said the committee was excited to see the amount of jobs that would be added and how much the jobs would pay.

It was asked if the city would be at risk of losing the company if the TIF isn’t granted. Preuss said they did not say that.

Member Bruce Peters said, “However I’m speculating they have additional locations where they could.”

The board unanimously approved to make a recommendation to the council to approve the TIF.

In other action, the board considered a facilitator proposal for a strategic plan. The cost of an updated strategy plan and a retreat comes out to $4,400.

Preuss said the last strategic plan the FEDA board came up with was three years ago and she thinks their base strategies will remain the same but this will help them prioritize.

“We’ve done a lot of input sessions, not through just FEDA but throughout the city and I feel like we have a good feel on what the community wants, it’s just what can we give them for the resources that we have,” Preuss said.

The next FEDA meeting will be held on Jan. 10, 2022.