CHARLESTON, W.Va. -- The West Virginia University Board of Governors on Tuesday unanimously approved the purchase of more than $14.5 million of property near the downtown campus in Morgantown.
The land, located in the Sunnyside neighborhood, will be used to build "safe and affordable student housing and related amenities," and is expected to be available for occupancy by fall 2014, according to a report submitted by the Board of Governors to the state Legislature's Joint Committee on Government and Finance.
Without discussion, board members approved the issuance of up to $15 million in revenue bonds to buy the property. The motion was quickly approved after a closed-door session, which the board said concerned "matters of commercial competition and legal matters" that did not concern the land deal.
WVU officials would not comment on the details of the sale, which is supposed to close on Thursday.
"Today was the first step in moving forward with the project, and the board authorized WVU officials to move forward with financing of revenue bonds for the purchase, but we are not prepared to discuss the details beyond what's in the public document," said WVU spokeswoman Becky Lofstead. "We hope to be able to discuss it further by week's end."
The purchase includes nearly 40 parcels of land, mostly located on Grant and University avenues, and is part of the university's 2020 Strategic Plan for the Future.
The properties are being purchased from Morgantown-based companies, Paradigm Development Group and RCL Holding.
Paradigm incorporated less than a year ago and is run by Ryan Lynch, James E. Brown and David R. Martinelli, according to the secretary of state's website.
RCL Holding incorporated last year and is headed by Lynch, who has formed several new companies since March.