MORGANTOWN, W.Va. — Funding has been formally approved by two local government entities to support the Richwood Redevelopment Project.
The Monongalia County Commission and Morgantown City Council each separately approved resolutions that would fund $500,000 towards the refinancing of the project with parameters to increase further economic development once the project is complete. Monongalia County Development Authority (MCDA) President and CEO Russ Rogerson was in attendance for the commission’s vote as part of their regular meeting, where he announced that with the new financing from both the city and the county, the demolition of properties can officially begin as part of the redevelopment. The MCDA will take the lead on the project in part of a joint partnership with the county, the City of Morgantown, West Virginia University, and local developers.
“This is the true green light go for the project, and everyone is excited about it,” said Rogerson in his presentation to the commission on Wednesday. “We would not be here without the county commission’s assistance, and the city’s and our partnership group—WVU, the city, the county, and the Mon County Development Authority—is about the only way we could tackle a project of this scope and size,” he said.
The Richwood Redevelopment Project consists of the demolition of 57 properties in the Richwood neighborhood of Morgantown and replacing them with mixed-use development structures. Plans for the project originally began in 2020, when the MCDA purchased ten acres of property for approximately $11.8 million, with separate refinancing supported by the commission and the city supporting environmental testing and structure demolition. With the new set of contributions from both the county and the city, Rogerson expects the construction aspect of the project to be financially supported, with plans to quickly move towards building once demolition is complete in early 2025.
“With this refinancing now, that allows for the developer of the project to get started with seeking contracts and plans to begin to build above-ground structures on the property,” said Rogerson in his presentation to Morgantown City Council on Tuesday.
As part of the agreement to support refinancing, both the Monongalia County Commission and the City of Morgantown will receive interest in the I-68 Commerce Park. According to Rogerson, the $1 million in combined financing will allow the MCDA to grant the city and the county “first” developmental interest on the 90-acre property, with a chance for 50/50 ownership if the funding is fully spent. For Rogerson, members of the MCDA, the city and the county, this is considered another opportunity to help economic development alongside the Richwood Redevelopment Project.
“It’s always been designated to be more of a business park than an industrial park development, so we (the MCDA) have offered the city and yourselves a combined first on that property,” said Rogerson to the commission and to the council in their presentations.
With refinancing in place and the structures already clear of abstesos and other harmful building materials, demolition of the properties will begin on Thursday, August 22, with a goal to be completed sometime in February. To celebrate the occasion, representatives from the MCDA, the City of Morgantown, the Monongalia County Commission, and WVU will be on hand to watch the first parts of the demolition kick off as part of a special ceremony hosted on East Prospect Street at 2 p.m. With all of the financing officially where it needs to be and buildings ready for demolition, Rogerson, along with many other interested parties, are excited to finally start work on the Richwood Redevelopment Project that residents can see in real time.
“It’s basically the corner of East Prospect (Street) and Richwood (Avenue), it’s at 2 o’clock (p.m.),” said Rogerson, referring to when the celebration will take place on Thursday. “This will be the most significant action that the general public will see as it relates to activity on the project,” he said.