West Virginia University Board of Governors authorizes term sheet with KVC Health Systems
Today, the WVU Board of Governors authorized a term sheet for a lease-purchase agreement with KVC Health Systems for facilities on the Montgomery Campus. This agreement is an intent to lease, which details the obligations related to maintenance, payments and purchase. KVC intends to use the facilities to operate a specialized career college for youth aging out of foster care, a move that WVU President Gordon Gee called “a tremendous plus for the campus and community.”
“We are pleased with this agreement and what this will mean for the future of the campus in Montgomery,” shared WVU Tech Campus President Carolyn Long. “There is enormous potential here for the community and for the students who will benefit from this innovative new school.”
Tommy Bailey, Director of Strategic Initiatives at KVC, said that the organization’s plan is on schedule.
"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,” he said.
KVC will begin occupying the facilities in Montgomery on July 1, 2017. The lease term outlined in the agreement is for 25 years, but KVC has an opportunity to purchase the property prior to the end of the lease with all rental payments applied to the purchase price. The agreement outlines $8.3 million as the purchase price if KVC elects to purchase the property prior to June 30, 2020. Price structures for purchases beyond 2020 are also outlined in the agreement. The facilities detailed in the agreement are all located in Fayette County.
The HiRise Residence Hall will be razed as requested in this agreement. Bids for this project have been received and an award in is process. The demolition is scheduled to occur before June 30, 2017.
Other Montgomery campus facilities
Facilities not part of this agreement include those in Kanawha County: the engineering laboratory, engineering building and facilities building. These buildings are currently being considered by BridgeValley Community and Technical College.
In addition to these properties, 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.
Continued work under the WVU Upper Kanawha Valley Collaboration Agreement will help the town and surrounding area explore projects and initiatives to stimulate community development, further increasing the usefulness of these inherited campus facilities.
Montgomery mayor Greg Ingram shared, “The David S. Long Alumni House and the Marina property will serve the Upper Kanawha Valley for recreation and community service. The transfer of this property to the City of Montgomery will be put to constructive use for many years into the future.”
Employment and potential employment opportunities
As part of the university’s campus transition, all current employees at WVU Tech have been offered employment on the Beckley campus. However, some employees may elect to stay in Montgomery and pursue employment opportunities through KVC.
Bailey met with WVU Tech classified staff members earlier this week to share details about potential employment opportunities with the organization.
Visit kvc.org to find out more about KVC Health Systems.