UPDATE @ 2:00pm
CHARLESTON, W.Va. (WSAZ) -- Governor Joe Manchin has accepted a deal for the state to take over the Dow Technology Park in South Charleston.

The governor announced Thursday that the state is committed to revitalizing the technology park. He also requested the West Virginia Higher Education Policy Commission (HEPC) to move forward on a property transfer agreement with the Dow Chemical Company.

According to a news release, The Dow Chemical Company reached a binding agreement to donate 258 acres and several major buildings of the tech park.

The donation is valued at approximately $34 million.

“For more than sixty years, there has been a rich history of discovery, innovation and technology development at the tech park,” said Jim Guidarini, vice-president and site leader of Dow’s West Virginia Operations. “Dow is pleased to make this donation to the people of West Virginia in order to allow that legacy to continue for the economic development of our great state.”

Dow will also provide $10 million for operating support through much of 2010.

"Thanks to smart state investments, we're sending more young people to college than ever before and stimulating innovative research at our universities," Manchin said. "We need a place where we can turn these investments into high-tech jobs and diverse economic opportunities, which is critical to securing a strong and vibrant future for West Virginia. The state stands to make that happen at the tech park, and I encourage the Higher Education Policy Commission to move forward on the donation."

The deed to the property will transfer to the HEPC on or before December 15, 2010.

"This is a big move, it's the right move, and I applaud Dow and the state for coming together," U.S. Senator Jay Rockefeller said.

This donation does not affect Dow's continuing manufacturing operations at the South Charleston and Institute sites.

The deal also means the private corporations which are currently located in the tech park will also remain. These companies employ nearly 500 people.

UPDATE @ 11:00am
CHARLESTON, W.Va. (WSAZ) -- A spokesperson with the Governor's Office tells WSAZ.com a news conference has been scheduled for Thursday afternoon to discuss the future of the DOW Tech Park in South Charleston.

The news conference is set for 1:00 p.m. in the Governor's Reception Room at the State Capitol.

The House of Delegates voted 76-23 Thursday to move the Higher Education Policy Commission and Council for Community and Technical College Education to the park.

The Senate unanimously approved the bill last week, and must now concur with House amendments for it to reach Manchin's desk.

Right now, DOW owns the park.

A company spokesperson has said that DOW will start terminating leases with the current tenants come March 1 if the state doesn't make a move.

The governor and other supporters of the park say that keeping the park could mean tremendous job opportunities for the state and the chemical and technology industry.

The governor said he would make a decision by Friday on whether the state will take control of the property.

No other information has been released.

WSAZ will have a crew at the meeting. Keep clicking on WSAZ.com for the very latest information.

Due to overwhelming operation costs, Dow has been planning to shutdown the tech park. The closure would force several private companies out and lead to the demolition of valuable lab space.

Dow wants to donate 285 acres in the technology park to create the West Virginia Education, Research and Technology Park.

Under the plan, the companies already at the park would be able to stay. The state would take over lab facilities and office space in several buildings.

The West Virginia Higher Education Policy Commission, Department of Health and Human Resources and State Police Lab are just a few of the agencies interested in moving to the facility.

It's estimated that it could cost as mush as $75 million to fully renovate the donated buildings. Gov. Joe Manchin says he doesn't want those costs to fall on the tax payers. He says it's going to be a tough decision to make because it will also be hard to recover nearly 500 jobs.

"There are states around the nation that would do anything to create and grow jobs," Manchin said. "If you can't keep what you've got, it makes it almost impossible to grow."

The governor says a decision will be made by the end of the week.