The agreement for the West Virginia University Research Corporation to accept donated land and buildings from Union Carbide Corporation (UCC), a wholly-owned subsidiary of The Dow Chemical Company, has been mutually canceled by both parties, and the agreement will not close as previously planned.
The donation would have established the WVU Charleston Research Campus (WVUCRC). It consisted of the donation of 58 acres of property located at UCC s Technology Park and several R&D laboratories within a 125,000-square-foot building currently in use as a multi-tenant Research and Development incubator.
The Donation Agreement was signed by UCC and WVURC on Aug. 20, 2007, with an initial closing date set for Oct. 31, 2007. The date was extended with the final deadline set for July 11, 2008. On July 10, the decision was made to cancel the agreement after much due diligence because insurance requirements satisfactory to both the Research Corporations needs and obligations and to UCC could not be obtained.
Both parties are disappointed that the agreement will not close as expected. WVU will continue to support other appropriate efforts in the Kanawha Valley and will concentrate on implementing a strategic plan for energy research in Morgantown. UCC will include this property in its strategy development for the transition of the Technology Park.