WINTERSVILLE, Ohio — A year after a marijuana dispensary opened in Wintersville, village officials say the community has collected nearly $1.4 million in total tax revenue from the business — an average of about $67,000 a month — and council members are now moving to invest part of that money for the village’s long-term future.

Wintersville Council passed a resolution creating a perpetual fund, an investment account designed to keep the principal invested while allowing council to decide how to use the interest it earns. The village will start the fund with $1 million it has received from cannabis revenue.

Moving forward, 25% of revenue from sources including cannabis, oil and gas royalties will be added to the fund as principal.

“And every month, 25% of our revenue now will go in there as principal,” Mayor Mike Petrella said. “We’re gonna continue to grow interest off the principal for every year. Council will have the decision every January of the new year to decide how to spend the interest that is earned. If they don’t spend it, it will go right back into the fund and become principal.”

Petrella said the goal is to create generational wealth for the village. He estimated the fund could earn between 4% and 5% annually, meaning the initial $1 million investment alone could generate roughly $45,000 to $50,000 in interest each year.

In other business, Wintersville Council selected a contractor for the long-awaited Cadiz Road project after reviewing five bids. Engineers estimate the project at about $2.3 million.

Council first considered a bid from local contractor James White Construction for $2,470,000, but the motion failed after council members were split on awarding the project to the local company. Council then accepted the lower bid from Cronin Enterprises at just under $2.3 million — a difference of more than $171,000.

“It consists of, from Kroger to Indian Creek, right past Indian Creek High School, it’ll be a brand new main water line, and then all five lanes will be repaved,” Petrella said.

The village also saved around $100,000 by going out to bid a second time.