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Shopping Center Flourishes

Nitro, WV: (Apr-16-08) The Nitro City Council has been locked in a legal wrangle with THF Realty, the developers of the Nitro Marketplace shopping plaza, regarding money that is in escrow over a contract inked over 11 years ago. Records show that in a settlement agreement that the parties entered into in 1997, each year the city would get the first $36,000 in taxes from the operations of Nitro Marketplace. THF Realty would then get the next $400,000. The remaining revenues would be split 80-20 with THF getting the larger portion. THF officials claimed that the deal was made as an incentive for the company to build the shopping center and allow it to be annexed to the city.

As part of a recent settlement reached between the parties, the city will now collect $38,500 four times a year rather than $36,000 once a year. Additionally, the agreement also calls for the city to get $277,000 from the funds currently sitting in escrow. Officials on both sides confirmed that the new deal expires in 2017, just as the original did. [THE CHARLESTON GAZETTE: NITRO COUNCIL APPROVES MARKETPLACE SETTLEMENT]

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Published on Apr-17-08


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