Shell Paid $6M Less Than Market Value for Horsehead Site

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MONACA, Pa. (AP) – Officials say Shell Chemicals paid approximately $6 million less than computed fair market value for the former Horsehead Corp. property where a petrochemical plant may be built.

The Beaver County Times reports (http://bit.ly/1TACk0Y ) Shell paid $13.5 million for the former zinc smelter site along Route 18 in Potter Township. Beaver County Recorder of Deeds Janice Beall said that the computed fair market value of the property is $19.6 million.

Horsehead Corp. Senior Vice President Ali Alavi said Shell paid just under $17,000 per acre for the 797-acre site.

Jack Manning, chairman of the Beaver County Chamber of Commerce economic development task force, says the sale price reflects that demolition and remediation has been ongoing at the site since 2014.

Shell has not made a final decision whether to build its plant on the site.

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Information from: Beaver County Times, http://www.timesonline.com/

(Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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