Charleston, W.V. (AP) -- The West Virginia Economic Development authority plans to issue up to $18 million in bonds to buy a Charleston building for the state that houses the tax department and two other agencies.

Authority members approved the bonds Thursday.

John Stump with the law firm Steptoe & Johnson says buying the building is more cost-effective than renting office space in it. Stump is representing the state in the deal.

The building also houses the geological and economic survey and the insurance commission. It's owned by developer Al Summers.

Stump says the purchase price is $13.9 million and the deal's total cost is about $16 million. The purchase is expected to be completed in June.

(Copyright 2008 by The Associated Press. All rights reserved.)