W. Va. Code R. § 145-12-6

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

Section 145-12-6 - Criteria for considering applications

The Director of the Development Office shall use the following criteria when determining whether to grant or deny an application for establishment of an economic opportunity development district:

6.1. The quality of the proposed project and how it addresses economic problems in the area in which the project will be located.

6.2. The merits of the project determined by a cost-benefit analysis that incorporates all costs and benefits, both public and private.

6.3. Whether the project is supported by significant private sector investment and substantial credible evidence that, but for the existence of sales tax increment financing, the project would not be feasible.

6.4. Whether the economic opportunity development district excise dollars will leverage or be the catalyst for the effective use of private, other local government, state or federal funding that is available.

6.5. Whether there is substantial and credible evidence that the project is likely to be started and completed in a timely fashion.

6.6. Whether the project will, directly or indirectly, improve the opportunities in the area where the project will be located for the successful establishment or expansion of other industrial or commercial businesses.

6.7. Whether the project will, directly or indirectly, assist in the creation of additional long-term employment opportunities in the area and the quality of jobs created in all phases of the project, to include, but not limited to, wages and benefits.

6.8. Whether the project will fulfill a pressing need for the area, or part of the area, in which the economic opportunity district is located; provided that the Development Office should consider whether the economic development project is large enough to require that it contain a mixed used development provision consisting of a housing component with at least ten percent of housing units in the district allocated for affordable housing.

6.9. Whether the municipality has a strategy for economic development in the municipality and whether the project is consistent with that strategy.

6.10. Whether the project helps to diversify the local economy.

6.11. Whether the project is consistent with the goals of W. Va. Code § 8-38-1et seq.

6.12. Whether the project is economically and fiscally sound using recognized business standards of finance and accounting.

6.13. The ability of the municipality and the project developer or project team to carry out the projected subject to W. Va. Code § 8-38-7(b)(13)(A) and (B).

6.14. Any other criteria that the Development Office establishes.

W. Va. Code R. § 145-12-6