CATLETTSBURG, Ky. — Braidy Industries has finalized the purchase of 204 acres of industrial park land — a critical step in its plans to construct a $1.3-billion aluminum rolling mill.
Leaders of the Northeast Kentucky Regional Industrial Park Authority on Wednesday closed on a transaction with Braidy for the purchase of the land at EastPark Industrial Center. The total sale price is more than $900,000, according to EastPark board chairwoman Nickie Smith.
The terms of the agreement will be released Wednesday afternoon, Smith said.
Braidy plans to build the mill on Site B at EastPark, which is located mostly in Boyd County but includes Greenup County territory.
Along with the land parcel, Braidy will acquire a 110,000-square-foot spec building. EastPark took out a $2.2-million loan when it built the spec building in 2002 to attract potential suitors, though the building has remained vacant since its construction.
Before the sale, the spec building was listed on the market for $1.25 million.
Through the agreement, Braidy will assume the outstanding construction loan balance for the building. The EastPark board, according to Smith, already paid off a majority of the debt prior to the sale to Braidy.
Prior to agreeing to close on the purchase, the EastPark board also made changes to the restrictive covenants included in the deed by reclassifying Site B. The section of EastPark had been labeled available for light manufacturing only, but Braidy’s plant will be considered a medium manufacturing facility, according to Smith.
Braidy announced plans to build its mill in EastPark in October. The company had announced in April it would build the plant on the outskirts of Greenup County, near South Shore, but said soil tests on the riverfront found the property incompatible for the mill’s construction.