CATLETTSBURG, Ky. The EastPark board of directors on Tuesday hammered down a deal to sell a massive plot of land to Braidy Industries, which said it will build a $1.3-billion aluminum mill.
The board voted unanimously to allow chairwoman Nickie Smith to sign a nonbinding letter of intent to sell property to Braidy. The terms of the sale — including total price — are not yet public, because the board is awaiting approval from Braidy Industries after making minor changes to the proposed agreement between the EastPark board and Braidy.
The letter of intent to sell was approved by the board on the condition Braidy accepts the changes to the proposal. Tim Gibbs, an EastPark board member and the president of Ashland Alliance, said the adjustments were “slight,” and the agreement is expected to be finalized this week.
The sale will include approximately 330 acres of land on Site B of EastPark. The majority of Site B is in Boyd County, while the rest is in Greenup County. A 110-square-foot spec building that’s been vacant since EastPark built it in 2002 would be included in the sale, according to Smith. The spec building was constructed through a $2.2-million loan and is listed on the market for $1.25 million. EastPark still owes about $1 million on the loan.
The EastPark board is the common name used for the Northeast Kentucky Regional Industrial Park Authority. The board — which is unpaid — is comprised of officials from local governments or economic development groups from Boyd, Greenup, Carter, Elliott and Lawrence Counties.