SB 907
Relating to high impact development projects
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill modifies the definition of "high-impact development projects" under the West Virginia Economic Development Authority (EDA). It removes a price floor, allows consideration of regional economic factors, and adjusts the board’s authority to make financial assistance decisions. The bill also creates a dedicated fund for these projects, drawing from surplus revenue and loan repayments, and outlines how the fund can be used for various incentives, including loans for business expansion, broadband projects, and business retention.
Key provisions
- Defines "high-impact development projects" based on Governor requests, private investment, and meeting loan-per-job ratio criteria.
- Allows consideration of regional and local economic factors in determining project eligibility.
- Creates an Economic Development Project Fund to finance high-impact projects.
- Specifies how the fund can be used for business formation/expansion, broadband expansion, and business retention.
- Limits annual funding for high-impact projects to $300 million, with potential increases.
- Allows for loans, grants, and other financial assistance for projects.
- Establishes reporting requirements for the EDA regarding project status and job creation.
- Provides for an annual audit of the Economic Development Project Fund.
Who is affected
- West Virginia Economic Development Authority (EDA)
- Businesses seeking economic development financial assistance
- Industrial development agencies
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