GALLIPOLIS — Gallia County Commissioners and the Gallia County Community Improvement Corporation recently signed off on a memorandum of understanding (MOU) providing for joint collaboration in the construction and sale of a new speculative building in the Dan Evans Industrial Park.

According to the MOU, the county has agreed to manage the $750,000 Industrial Site Improvement Fund Grant administered by the Ohio Department of Development, purchase a 5.167 acre lot in the industrial park for the appraised value of $116,258, which was the amount included in the grant, and oversee the construction of 20,000-square foot or larger speculative building.

The county plans to take out a loan to cover the local match of 25 percent or $250,258, and recover the funding along with interest, taxes, title and recording fees, and other direct costs invested in the project from the property sale proceeds.

The CIC agreed to sell the lot for its appraised value, work with the county to market the building and assist with the oversight of the building’s construction, according to the MOU.

Furthermore, both parties agreed that upon sale of the building the county will receive 75 percent of the net revenue, to be put towards future economic development projects, and the CIC will receive 25 percent of the net revenue for providing marketing and construction services.

According to the agreement, the MOU cannot be terminated, though it can be modified or amended with unanimous agreement by both parties in writing. It will continue until modified, amended, or the property is sold.

Businesses currently located in the industrial park include Holzer Clinic, Foster’s Trucking, Southern Hills Cabinetry and the Bob Evans Farms Distribution Center.