W. Va. Code R. § 145-11-10

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 145-11-10 - Vested property right; termination

10.1. When a Brownfield Economic Development District is established as provided in W. Va. Code § 5B-2-6a and this rule, the applicant for the district and any successor to the applicant shall have a vested property right to undertake and complete the approved elements of the economic development project plan.

10.2. Failure to abide by the terms and conditions of this rule or material failure to complete the economic development project concept plan shall result in revocation of the Brownfield Economic Development District as provided in section 9 of this rule and in forfeiture of the right established in this section.

10.3. The vesting period within which the approved elements of the economic development project plan must be completed is three years from the date the Brownfield Economic Development District is established by the Director of the Development Office. This three-year period shall automatically be extended for thirty-six months each time the certification required by subsection 9.2 is filed with the Director of the Development Office and shall become permanent once eighty percent (80%) or more of the buildings in the economic development project plan, based on square footage of space, have been completed, unless the district is sooner terminated, as provided in this rule.

10.4. Revocation of the Brownfield Economic Development District as provided in this rule or expiration of the five year vesting period prior to completion of the economic development concept plan shall not affect the portion of the economic development concept plan completed before the district is revoked or the five-year vesting period expires. Neither of these events shall affect any construction work in progress begun before the district is revoked or the five-year vesting period expires except that this grandfather rule shall not apply to any construction work in progress that is not consistent with the economic development concept plan filed with the application for creation of the Brownfield Economic Development District or any change thereto that has been approved in writing by the Director of the Development Office.

W. Va. Code R. § 145-11-10