1/25/2011
CHARLESTON, W.Va. – Governor Earl Ray Tomblin today announced that the State of West Virginia, through the Higher Education Policy Commission (HEPC), sold higher education revenue bonds totaling $76,865,000 earlier this month. The proceeds of the bond sale will be used on a variety of projects across the state’s system of higher education and will invigorate construction jobs, while strengthening higher education infrastructure for West Virginia students.
“Through the sale of these bonds, West Virginia has positioned itself to make needed additions and improvements that will benefit students for generations to come. The projects funded with these bond proceeds will help diversify West Virginia’s economy by supporting students in key areas like science, technology, engineering and mathematics,” Tomblin said. “In addition, capital projects are proven economic enhancers – and the immediate potential for new and vital West Virginia jobs is very good news.”
With this transaction, West Virginia became one of the final states to sell federally-subsidized Build America Bonds, a program created under the American Recovery and Reinvestment Act of 2009 aimed at supporting state and local infrastructure projects.
Bond projects to begin as a result of the HEPC sale are:
West Liberty University – Science Center
$2,250,000 institution, federal and/or private funding,
$12,750,000 HEPC bond funding.
This building will provide for consolidated science classes and potential for expansion of the sciences on campus.
Shepherd University – Visual Arts Project
$2,085,000 institution, federal and/or private funding,
$11,815,000 HEPC bond funding.
This building will provide 30,000 square feet of additional space for the visual arts program and a studio theater.
Marshall University – Biotechnology Development Center & Applied Engineering Complex
$25,000,000 institution, federal and/or private funding,
$25,000,000 HEPC bond funding.
This engineering facility will enable the university to provide research scientists, entrepreneurs and existing industries with the practical expertise and support in technology transfer, business development and intellectual property rights necessary to create new regional businesses.
Glenville State College – Multi-Function Health and Wellness Education Center
$15,000,000 institution, federal and/or private funding,
$11,000,000 HEPC bond funding.
This building will serve as a teaching facility for land resources, physical education and nursing.
West Virginia Education, Research and Technology Park
$10,500,000 institution, federal and/or private funding,
$10,000,000 HEPC bond funding.
This project includes capital improvements across a range of facilities at the technology park in South Charleston.
WVU Institute of Technology – Old Main renovations
$3,000,000 HEPC bond funding.
Renovations will include major deferred maintenance, upgrade of the electrical system and asbestos abatement.
West Virginia State University – Wallace Hall renovations
$1,800,000 HEPC bond funding, will be partially funded.
Classrooms will be renovated to contemporary standards.
Contact Information
Jacqueline Proctor
(304) 558-2000