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NEW CUMBERLAND -- While Form Energy hasn't officially opened up its operations, its plans will be paying off for Hancock County's coffers.
As part of their meeting Thursday, county commissioners signed off on their portion of a new Payment In Lieu of Taxes (PILOT) agreement with the iron-air battery manufacturer setting up shop in Weirton.
"Form has presented a very generous agreement to us," explained Hancock County Assessor Joe Alongi.
Alongi noted such a PILOT agreement typically is developed to provide funds to local governmental entities even when a business is not obligated to pay certain property taxes, such as if the property is owned by a tax-exempt organization.
In the 10-year agreement, Form Energy is set to pay $40,000 for each of the first two years. In the following years, payments will be based on an agreed-upon percentage of real property taxes, and dependent upon Form Energy reaching certain milestones of full-time employees.
In the event those employee milestones are not reached, payments will be made on a pro rata basis based on the actual employment levels.
Alongi explained Form will have to pay taxes on any personal property, such as equipment, on site.
"It's going to be a substantial improvement to our tax base; there's no doubt," Alongi said.
Hancock County Commissioner Eron Chek offered a review of Form Energy's history and the development of the agreement, saying she wanted to be transparent.
"It's not often we get a PILOT proposal," Chek said.
Form Energy was founded in Boston in 2017, selecting Weirton in 2022 for the location of Form Factory 1 after a review of 500 sites across 16 states.
In February 2023, Chek said, the state Legislature funded $290 million in "asset-based performance financing, toward a total investment of $760 million."
According to the commissioner, the Business Development Corp. of the Northern Panhandle purchased the property in May 2023, with Form Energy signing a lease agreement and breaking ground the same month.
The first pieces of steel structure were raised in July, with the final beam put in place earlier this month.
The agreement also will go before the Hancock County Board of Education as part of its regular meeting at 5:30 p.m., Monday at the John D. Rockefeller IV Career Center.