MORGANTOWN — Monongalia County Commission President Tom Bloom said he’s “very pleased” with Thursday’s announcement that WVU Innovation Corp. is taking over the former Mylan pharmaceuticals plant on Chestnut Ridge Road.
He also said he’s confident additional announcements regarding the 1.1 million-square-foot facility’s future tenants are forthcoming.
The goal, WVU execs said Thursday, is to turn the massive space back into an economic engine as well as a business incubator, in addition to an educational asset.
“People may not realize there are negotiations going in the background and hopefully we’ll be able to bring a number of companies into that facility,” Bloom said. “We are working with them to find several companies and I can tell you there are two on the horizon that will hopefully be announced by the end of the year.”
Bloom said the move benefits the entire region for a number of reasons.
“When Viatris was there, we were unable to get them to the table or to do anything looking at the future of the facility. Now we have someone who will work with us,” he said.
Part of that work has been figuring out how to soften the blow to the county’s property tax rolls now the property belongs to a state institution.
Bloom said both the county commission and the Morgantown Area Partnership urged WVU to offset that loss — north of $1 million annually across all former Mylan area locations — through a voluntary charge to the building’s future tenants.
“The commitment is there to bring in private investment and that will bring with it the ability on WVU’s part to collect those taxes that they would pay in any other facility. I know that’s the intent. I know that’s the goal,” MAP President and CEO Russ Rogerson said.
“I’m comfortable with the fact that, first of all, they have the wherewithal to manage a facility of that size and nature. And the commitment to bring that private sector investment to our community is huge and it’s shared by all the parties.”
Both Bloom and Rogerson said Thursday’s announcement was the result of months of work at the local, state and federal levels.
“We’ve been working together all along, and the state and federal government have been right in lock step with us, so I think we have a good team and we’ve had some good interest in the facility,” Rogerson said. “I’m excited about the opportunities to come.”
