West Virginia University, the city of Morgantown and First United Bank and Trust are working on a deal aimed at revitalizing run-down neighborhoods around the downtown campus.
The proposed agreement announced Tuesday during a City Council meeting calls for WVU to acquire 4 acres from the city where four politically connected but now-bankrupt developers proposed but never built The Square at Falling Run.
The university also would acquire another 21 acres with rental properties, three other lots and an unoccupied apartment building in the area from other parties, paying a total $9.7 million. WVU would pay the city $4.3 million over the next 14 years, with additional payments to the bank of approximately $5.2 million over 20 years.
Under the proposed agreement, McCoy 6 LLC and its principals — brothers Kris, Ben, Monty and Mac Warner — would drop their long-running harassment lawsuit against the city in U.S. District Court.
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