FirstEnergy sold 40-plus acres on the outskirts of Toronto to a Texas company that will be using it for a shale-related business activity.
The buyer, Houston-based Plains Marketing LP, paid $2.5 million for the property, according to papers filed Friday at the Jefferson County Recorder's Office.
Company officials could not be reached for comment; however, sources familiar with the transaction say Plains Marketing is planning to transport products from Utica Shale wells to the site, where they will be stored and ultimately shipped by barge to refineries on the Gulf Coast.
Contacted Friday afternoon, local leaders said they don't have many details yet, but what they do know bodes well for the local economy.
While Progress Alliance didn't broker the deal, outgoing Executive Director Ed Looman said they've been monitoring developments for quite a while and "if everything goes as planned, it will be a nice project for Jefferson County."
"It holds some great potential for Jefferson County," said Looman, who beginning in January will be regional director for the Appalachian Partnership for Economic Growth.
Toronto Mayor John Geddis, meanwhile, said if things pan out as expected it will benefit his community and all of Jefferson County. He described the site as a "prime property," with barge docking facilities as well as the potential for a rail spur.
"It will definitely be a major development for the area," he said.