Settlement cuts debt for historic W.Va. roundhouse - WOWK 13 Charleston, Huntington WV News, Weather, Sports

Settlement cuts debt for historic W.Va. roundhouse

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The Berkeley County Roundhouse Authority is moving to settle old debts after securing a commercial lease agreement with the West Virginia National Guard.

Authority board chairman Clarence Martin III says a recent $150,000 settlement with B&BT Bank will effectively cut that debt in half.

Martin tells The Herald-Mail (http://bit.ly/Q8wou2 ) of Hagerstown, Md., that the authority now will work on an agreement to repay about $100,000 owed to a contractor.

The National Guard is leasing a building at the former Baltimore & Ohio roundhouse complex for storage. The lease is expected to be worth more than $500,000 over five years.

The authority is charged with restoring and redeveloping the historic property. The roundhouse and red-brick shop buildings were the site of the nation's first railroad strike in 1877.

Information from: The Herald-Mail of Hagerstown, Md., http://www.herald-mail.com

Copyright 2012 The Associated Press.