Posted March 8, 2010 - This is the second in a series of FAQs produced by the Charleston Area Alliance to address issues related to The Dow Chemical Company's donation of property at the South Charleston Technology Park to the State of West Virginia:

What happens now that the Higher Education Policy Commission has accepted Dow's donation?

The Higher Education Policy Commission and its partners will continue implementation of a $500,000 federal grant to study research park models and develop plans for the South Charleston property.  Initial mapping of the property has been completed.   Now that the state has formally accepted the donation, remaining grant funds will be available to continue planning activity related to marketing and fiscal and facilities management.

The Governor will appoint a transition team to oversee this process and ensure that every opportunity to realize the potential of the park is pursued.  The Charleston Area Alliance expects to be at the table during this process.

When will new business tenants move to the tech park?

In the two years since Dow announced its desire to donate the property, global energy-sector corporations and other businesses have expressed interest in utilizing existing facilities or constructing new buildings on the site.  However, because the ownership status of the property was uncertain, these businesses were unable to move forward with meaningful plans to locate at the park. 

Since the Governor announced a week ago that the state would take ownership of buildings and land located at the tech park, venture capital firms and other businesses have begun to inquire about the property again. 

In light of nation's growing need for energy innovation and the park's location and rare pilot plants, the site was and is very attractive to corporations and start-ups looking for facilities where they can commercialize research and bring solutions to national and global challenges to the marketplace.  The Alliance will continue working with the Chemical Alliance Zone, Advantage Valley and federal, state and local partners to promote the property to site consultants and others looking for an opportune location to launch or expand a research and technology-related business.

What was the rush to close the deal?

The State of West Virginia has been involved with this project for more than two years.  The donation presented many complex issues that needed to be analyzed and resolved.  Throughout the due diligence process, a myriad of financial, legal and environmental matters were addressed.   During this time, Dow repeatedly extended its deadline for completing the transaction and continued to work with officials to address outstanding questions and concerns. 

Because the company continued to incur expenses for facilities it no longer used, Dow ultimately set a final deadline of Feb. 15 for the donation to be accepted and began to move forward with plans to raze or close facilities on the site on March 1.   Facing this strict deadline, stakeholders intensified their efforts in recent weeks to work though the remaining obstacles to finalize the transaction.

The donation was formally accepted by HEPC.  Why didn't other entities take it?

Other entities that considered the donation were unable to bring the resources together to conduct the due diligence necessary to complete the transaction within the deadline established by Dow.

Why was this project important to the state?

West Virginia's strategic plan is to transform its economy by spurring job creation and promoting technology-based business development.  With far-reaching research taking place across the state, the primary goal of the park is to create a business incubator for developing and commercializing ideas, including research in energy, chemicals and materials and biotechnology.

The stakeholder vision for the park is "to create a globally-competitive, multi-tenant research and innovation center focused on bringing new technology to the marketplace in energy, chemicals and materials using the existing facilities at Dow Chemical's South Charleston Technology Park."

Why was this project so important to the Alliance?

The Alliance believes there is no other project that will have a greater long-term impact on jobs and growth for our region and state than the technology park. Saving the tech park also prevented job losses and relocations for the 500 Charleston area-residents who currently work there.

As the region's economic and community development organization, the Alliance's job is to serve the citizens of Charleston and the Kanawha Valley by attracting and retaining jobs, helping local businesses grow, launching innovative community enhancement projects and developing the talent and resources to help our region succeed today and tomorrow. 

What is the Alliance's role in the future of the tech park?

As the region's economic development organization, the Alliance will play an active role in making the vision of the West Virginia Education, Research and Technology Center a reality.  We will continue to market its facilities to save and create hundreds of high-value jobs for West Virginians, attract private investment and commercialize research to help state industries stay competitive in a changing world.

Click here to view the first part of the FAQ.