Wheeling Stamping Building and Stone Center Wheeling, WV Regional Economic Development Partnership PO Box 1029 Wheeling, WV /

Wheeling Warehouse District (2001) Just south of the Central Business District Large vacant industrial buildings

Wheeling Warehouse District Enormous potential for redevelopment Ohio River 15-mile Heritage Trail Infrastructure and utilities Easy access to the Downtown and Interstate 70 Potential for Historic District (HRTC)

Wheeling Stamping Building Originally three separate buildings Built between 1890 and 1905 by the Nail City Lantern Company (kerosene lanterns and aluminum specialty products) Four stories with a total of 88,000 square feet

Original Development Team Regional Economic Development Partnership City of Wheeling Wheeling National Heritage Area Corporation State of West Virginia ALL GOVERNMENT OR NON PROFIT!

Regional Economic Development Partnership Private non-profit development corporation Established 1961 Mission to create jobs and stimulate the local economy Manage 626,500 sq.ft. of real estate, and over 117 acres of land

The Tenant Orrick, Herrington & Sutcliffe, an international law firm based in San Francisco Creating a “Global Operations Center” to house all of their support staff for the firm’s 14 offices Up to 250 financial and technology jobs

8 Why Wheeling, WV? Compensation Lower salary costs than major metro areas 40 hour work week (hence lower overtime utilization and expense) Strong labor pool in local and surrounding region Economic Development Low real estate costs State and local government support for capital improvements and training funds Tax advantages Intangibles Unusually good jobs tap into strong local work ethic Employee retention/low turnover Community responsibility Easy access via Pittsburgh International Airport Quality of life

Financing Plan Commitment to Tenant for $7 million City of Wheeling: $1 million BEDI grant, $2.25 million HUD Section 108 Loan Guarantee. WNHAC: $2 million in construction money from the National Park Service RED: $3 million loan through the State “Church Group”: $1 million loan

Financing Plan “Gap” created by $200,000 reduction in Church loan and construction contingencies HRTC to close the gap and cover contingencies New members added to team-Tax Credit syndication

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Results: Orrick productivity increase Serving the customer better Saving over $5 million per year

22 ROI: Recovered initial investment within two years of commencing operations Recurring annual savings of approximately $6 million 35% reduction in payroll expenses alone, compared to major MSA’s (such as Los Angeles, New York and San Francisco) Substantial reduction in occupancy costs compared to major MSA’s ($1,700 per person in Wheeling) Reduction in staffing levels per attorney - 85% growth in attorney population between 2001 and 2009, with only 30% Finance / MIS staff increase Positive Financial Effect on the Firm

 Stone Market Plaza (2006)  Former Stone and Thomas department store  Acquired December 2004  180,000 Sq. Ft. building  22,000 Sq. Ft. per floor  $8,400,000 Renovation  Target market: High-end back office / Shared Services  Below market lease rates

Financing Plan Same Partners-New Tool- TIF Initial Building shell +$6 million RED: $3 million loan through the State Historic Rehab Tax Credits (no tenant) City of Wheeling: $3 million in Tax Increment Financing (TIF)

Wheeling TIF District #1

Tenant Financing Plan Williams Lea buildout +$2.5 million RED: $2.5 Bank Financing

The Stone Market Plaza Williams Lea: The leading global provider of Corporate Information Solutions

Tenant Financing Plan Wheeling Jesuit University +$3 million RED: $3.0 Million Bank Financing City of Wheeling grant to cover initial term of no lease payments

The Stone Market Plaza Wheeling Jesuit University: Doctoral Physical Therapy Program