MONTGOMERY, W.Va. — The WVU Board of Governors approved the terms of an lease-purchase agreement Friday with KVC Health Systems for the WVU Tech buildings the university will leave behind in Montgomery when it moves the school fully to its Beckley campus this summer.
KVC plans to use the buildings on the Fayette County end of campus for a college program for young adults coming out of foster care.
WVU Tech spokesperson Jen Wood Cunningham said the agreement on the term sheet was a major step forward in the transition.
“It puts folks in these buildings. There are opportunities for employment with KVC here in Montgomery. It brings an employer in the area as we’re transitioning to Beckley,” Wood Cunningham said.
WVU and KVC have entered into a 25 year agreement but KVC has the opportunity to purchase the property in full before that. The rent will be applied to the purchase price. The purchase price is $8.3 million if KVC makes the purchase before June 30, 2020.
“We are pleased with this agreement and what this will mean for the future of the campus in Montgomery,” WVU Tech Campus President Carolyn Long said in a news release. “There is enormous potential here for the community and for the students who will benefit from this innovative new school.”
KVC is on schedule to take over the buildings July 1, according to KVC Director of Strategic Initiatives Tommy Bailey.
“KVC Health Systems is pleased with the positive momentum surrounding their creation of a specialized college campus in Montgomery for youth emerging from foster care. WVU is an integral partner in the realization of this innovative concept and the recently signed term sheet demonstrates the strength of this cooperative spirit. Through our other emerging partnerships, KVC looks forward to establishing its college campus, generating a positive economic impact in the Upper Kanawha Valley and supporting youth in foster care transitioning into adulthood,” Bailey said.
The HiRise Residence Hall will be torn down as part of the agreement.
WVU hopes to work out an agreement with BridgeValley Community and Technical College for the buildings on the Kanawha County end of the Montgomery campus including the engineering laboratory, engineering building and facilities building.
WVU also released other information about WVU Tech facilities Friday:
“WVU is currently in the process of transferring ownership of the Tech Marina and the David S. Long Alumni Center to the town of Montgomery. This transfer will allow the area to have improved river access for aquatic activities and enable the continued use of the Alumni Center for community meetings and events,” the university said.
Classified staff at WVU Tech have been given the option to work in Beckley but some may choose to seek employment with KVC, the university said.