West Virginia Universitys proposal to issue up to $230 million of revenue bonds to help pay for capital projects and refinance a portion of outstanding debt was given the go-ahead Friday (Oct. 15) by the state Higher Education Policy Commission. Seven specific construction projects at WVU also received final approval.

This comprehensive plan will enable the University to sustain our academic quality, enrollment growth, research activity and service mission,said Gary Rogers, WVU vice president for administration, finance and human resources.It will also have a major economic impact�€resulting in an estimated 6,000 construction jobs, 1,700 research jobs and $3.2 million in additional tax revenues. Growing our enrollment to 30,000 by 2010 will also equate to $67 million in economic activity for the state and 1,200 jobs.

Proceeds from the bond sale will be used to fund a significant portion of 20 capital projects at WVU , Potomac State College of WVU and WVU Jacksons Mill over the next three years. The projects involve upgrade, renovation, construction, acquisition and equipping of facilities included in WVU s 10-year master plan, the athletic strategic plan and the 10-year master plan for housing. The bond sale also will enable WVU to refund outstanding 1997 auxiliary revenue bonds, resulting in a substantial savings.

Among the individual projects approved Friday by HEPC :

  • A two-story, 40,000-square-foot addition to the Agricultural Sciences Building for plant pathology, now housed in Brooks Hall, $9.5 million
  • Replacement of deteriorated heating pipes and abatement of asbestos in Allen Hall, $7.5 million
  • Renovation of Brooks Hall for the Department of Geology and Geography, now housed in White Hall, $32 million
  • Renovation of Oglebay Hall to house offices and classrooms for the Forensic Science program and other general classrooms, $19 million
  • Downtown infrastructure improvements, including upgrades to electrical cabling and installation of chilled water piping for central air conditioning at Brooks and Oglebay, $12.5 million
  • Renovation of Colson Hall for the English Department, now housed in Stansbury Hall, and academic technology support functions, $8 million
  • Construction of a four-story, 400-bed housing facility on the Evansdale campus, $14.8 million

WVU s Board of Governors approved the bond issuance and capital improvement projects, as well as the Summit Hall and St. Francis property acquisitions at meetings last month.

Primary funding for these projects will come from the revenue bond sale. Grants, central funds, auxiliary funds, plus a share of a recent bond sale by HEPC also will be used.

Repayment of the bond debt will be possible through enrollment growth and auxiliary proceeds, Rogers said.

Also at the meeting, the Commission approved WVU s purchase of Summit Hall and adjacent land for $5.5 million to help ease the University-owned housing shortage and address increasing enrollment trends.

HEPC also authorized completing WVU s transaction with the WVU Foundation to purchase the St. Francis property for $11 million. The Foundation purchased the property in July 2003 with the intention of selling it to WVU when financing became available. Acquisition of that property will allow the possible relocation of the intramural recreation fields from the Medical Center Hill to the playing fields of the St. Francis property and will pave the way for potential occupant planning for the school building and parking spaces once the new St. Francis is completed in fall 2005.

Through a concerted effort by the various constituency groups, we have been able to reach levels of enrollment at WVU where we can bring a comprehensive plan like this before the Commission and see it approved,said WVU President David C. Hardesty Jr.

In other action, the Commission:

  • approved the awarding of a $4.8 million contract to W. Harley Miller Contractors, Inc. of Martinsburg to construct a new two-story building to house the WVU Health Science Center Eastern Panhandle Clinical Campus.
  • approved a master of arts degree in professional writing and editing at WVU .
  • heard a report from WVU Provost Gerald Lang on the Universitys recent reaccreditation by the Higher Learning Commission of the North Central Association.
  • heard a report onThe Future of WVU Institute of Technology.

The next regularly scheduled meeting of the state Higher Education Policy Commission is set for December.