Beech Tree News Network

Kentucky Copper, Inc., (K.C.I.) with the support of various banks financing its operations, has honored its recent agreement reached with the city of Morgantown and the Industrial Holding Corporation by making a nearly half million dollar payment to the city.  Specifically, K.C.I. paid the city $499,975 earlier today - Tuesday, June 9 - an amount that covers late Community Development Block Grant payments, payments to T.V.A., attorney's fees, utilities, insturance, payment to Morgantown Bank and Trust, administration fees, and interest.  With the payment, Morgantown Mayor Billy Phelps said K.C.I. will be allowed back into the building and hopefully back in business and hiring soon, though the mayor doesn't have an exact date as to when that may happen.

"Morgantown is a little better off today than it was yesterday.  We received all of our money that we have invested into Kentucky Copper," said Mayor Phelps.  "I cannot guarantee what they're going to do in the future, however, I can say the city of Morgantown is better off than it was."

Mayor Phelps cautioned that the city still faces budget concerns.
"This is not a fix for the budget of the city, however it is a very big Band-Aid and it's going to help," added Phelps. 

---

From Kentucky Coppper's website

Company Profile: 

Kentucky Copper is located in a 163,000 square-foot facility on Veterans Way and includes warehousing, manufacturing and office space, as well as a technology center. The company manufactures products to be used in power transformers, energy transmission and distribution applications, as well as high-speed trains.

Vision
“To be a globally respected dynamic Group delivering best of quality products and services, regarded as the best in the industry for ethical business practices and value systems, providing the highest returns to our stakeholders including the communities we work with.”

Mission
“To achieve our objectives with integrity &innovative products in an environment of fairness, cost-effectiveness and exceptional after sales experience for our customers, as well as caring for our employees, vendors and society at large.”

---

ORIGINAL STORY POSTED MAY 29, 2015

Kentucky Copper Is Back.  The Industrial Holding Corporation held a called meeting on Friday afternoon at the Eva J. Hawes Building.  Chairman Gary Southerland called the meeting to order.  The first item was approval of minutes from the April 28th meeting.  Next, the IHC went into closed session.  When they returned they approved the following resolution:
WHEREAS, the City of Morgantown Industrial Holding Corporation recognizes the need for continued economic development; and
WHEREAS, the City of Morgantown Industrial Holding Corporation recognizes the need for robust employment opportunities for its citizens; and
WHEREAS, the City of Morgantown Industrial Holding Corporation recognizes an opportunity to promote economic development of the City of Morgantown,
NOW THEREFORE BE IT RESOLVED, that the City of Morgantown Industrial Holding Corporation hereby approves the proposed agreement by and between the Industrial Holding Corporation, Kentucky Copper, Inc., Bank of India, Punjab National Bank and Allahabad Bank for the reentry by Kentucky Copper, Inc., into the industrial property owned by the Industrial Holding Corporation, the reinstatement of the capitalized lease for a period not exceeding six (6) months based upon the guarantee of monthly payments of the capitalized lease, equipment lease and block grant payments by the aforesaid banks, the granting of a purchase option during those six (6) months and, if the option is not exercised and there is no default, the triple net leasing (non-capitalized) of the industrial building to Kentucky Copper for a period of 10 years upon similar terms (triple net) as were incorporated in the initial capitalized lease.
BE IT FURTHER RESOLVED, the approval herein is expressly conditioned upon the contemporaneous approval of this agreement by the governing bodies of Kentucky Copper, Inc., Bank of India, Punjab National Bank and Allahabad Bank and the cure by the aforesaid banks of all arrearages owed to the Industrial Holding Corporation and payment of all utilities, insurance and attorney fees previously disclosed to the aforesaid banks by June 8, 2015.

The IHC approved the resolution by a 6-0 vote.

"I thought it would be good to try to explain all of this..... "If the deal goes through"
First we "the city" after many heated hours of negotiations made an agreement with the BANKS that were invested in KCI ---
Second - the banks are paying back ALL THE MONEY owed to the city plus interest AND if you haven't seen the city budget - it's bad.
Third - there was no one else looking at the building for us to maybe sell to.
Saying all that - this really comes down to finances, we need money , we have spent a lot of money on them and this was a way to get it back. If KCI in six month goes back under - we still have our building and all of our back money "that's a win for the City" and if they don't go under and they make it work, that's a win for the city and its citizens and KCI .
For the sake of the City and County I'm hoping for a win for us all," Mayor Billy Phelps.