As the state’s flagship university, WVU is a key driver of the economy in the Mountain State. WVU President Gordon Gee said that “we are in many ways the economic engine.”
As the state’s flagship university, WVU is a key driver of the economy in the Mountain State. WVU President Gordon Gee said that “we are in many ways the economic engine.”
MORGANTOWN, W.Va. (WV News) — The West Virginia University Board of Governors met Friday morning to approve several measures related to existing contracts that were affected by the COVID-19 pandemic.
The BOG approved a plan to amend its current contract with dining provider Sodexo, which has seen a decline in revenues because of COVID-19.
“This will enable us to preserve revenues that can be reinvested into student-focused initiatives, as well as capital investments in the dining program,” Vice President for Strategic Initiatives Rob Alsop said in a release.
The agreement was originally scheduled to end in 2033 and will be extended three years. It will continue with the same basic framework of the current Sodexo arrangement with WVU, with adjustments to the rates of growth in commissions to the university over the long-term while preserving WVU commissions in the short-term.
Negotiations between WVU and the Mylan Park Foundation to amend existing agreements to extend their relationship were approved by the BOG. The new arrangement will ensure that Mylan Park and the aquatics and track center have sufficient funds to continue operations through the pandemic.
Under the agreement, the University will agree to continue WVU Student Use Fee payments over a longer period of time, enabling continued use of the Mylan Park facilities over the long-term.
Many construction and capital improvement projects across the WVU system, including construction of Reynolds Hall and renovations of Hodges Hall and the Milan Puskar Center, were not hindered by the pandemic.
The Board initially approved the financing through bonds in 2019. Athletics, the John Chambers College of Business and Economics and the Eberly College of Arts and Sciences also have raised funds for these projects, respectively.
“Given the cash we have on hand and continued historically low interest rates, we are requesting authority in the near future to issue up to $60 million in debt to cover remaining costs,” Alsop said.
The Board authorized that request, in addition to an additional $27 million for projects at the Health Sciences Center and approximately $22 million for a variety of smaller capital projects, including:
Miscellaneous Minor Capital Projects, $3.5 million; Mon Blvd. Rockfall Remediation Project, $2.9 million; Health Sciences Center, South, Morgue Renovation, $2.65 million; Beckley Forensic Science Building Renovation, $1 million.
The next BOG meeting is scheduled for April 23.
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