W. Va. Code R. § 145-14-3

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

Section 145-14-3 - Contents of Application

An application for establishment of an economic opportunity development district shall, at a minimum, include the following:

3.1. The applicant's name.

3.2. The applicant's current address.

3.3. The applicant's telephone number, facsimile number and e-mail address.

3.4. The name of the proposed economic opportunity development district.

3.5. A true copy of the notice of hearing described in W. Va. Code § 7-22-6.

3.6. The total cost of the project.

3.7. A reasonable estimate of the number of months needed to complete the project.

3.8. A general description of the capital improvements, additional or extended services and other proposed development expenditures to be made in the district as part of the project.

3.9. A description of the proposed method of financing the development expenditures, together with a description of the reserves to be established for financing ongoing development expenditures necessary to permanently maintain the optimum economic viability of the district following its inception; provided that the amount of the reserves may not exceed the amounts that would be required by prevailing commercial capital market considerations.

3.10. A description of the sources and anticipated amounts of all financing, including, but not limited to, proceeds from the issuance of any bonds or other instruments, revenues from the special district excise tax and enhanced revenues from property taxes and fees.

3.11. A description of the financial contribution of the county to the funding of development expenditures.

3.12. Identification of any businesses that the county expects to relocate their business locations from the district to another place in the state in connection with the establishment of the district or from another place in this state to the district; provided that for purposes of this rule, any entities shall be designated as "relocated entities."

3.13. Identification of any business currently conducting business in the proposed economic opportunity development district that the county expects to continue doing business there after the district is created.

3.14. A good faith estimate of the aggregate amount of consumer sales and service tax that was actually remitted to the Tax Commissioner by all business locations identified as provided in 3.12. and 3.13. of this rule with respect to their sales made and services rendered from their then current business locations that will be relocated from, or to, or remain in the district for the twelve full calendar months next preceding the date of the application; provided that for purposes of this article, the aggregate amount is designated as "the base tax revenue amount."

3.15. A good faith estimate of the gross annual district tax revenue amount.

3.16. Documents and facts showing for the proposed project;

3.16.a. How the project addresses economic problems in the area in which the project will be located.

3.16.b. A cost benefit analysis showing all costs and benefits both public and private.

3.16.c. The amount of private sector investment in the project and documents and fact which support a finding that without the support of sales tax increment financing the project would not be feasible.

3.16.d. How the economic opportunity districts excise tax dollars will leverage or be a catalyst for the effective use of private, other local government, or state or federal funding that is available.

3.16.e. Substantial and credible evidence that the project will be started and completed in a timely manner.

3.16.f. Which show that the project will directly or indirectly improve opportunities in the project area for the successful establishment or expansion of other industrial or commercial businesses.

3.16.g. How 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 including wages and benefits.

3.16.h. If a project will meet any pressing need for the area or part of the area in which the economic opportunity district is located.

3.16.i. Whether the county commission has a strategy for economic development in the county and whether the project is consistent with that strategy.

3.16.j. How the project helps to diversify the local economy.

3.16.k. How the project is consistent with the goals of this article.

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

3.16.m. The ability of the county commission and the project developer or project team to carry out the project:

3.17. The proposed applications of any surplus from all funding sources to further the objectives of W. Va. Code § 7-22-1et seq. and this rule.

3.18. The Tax Commissioner's certification of:

3.18.a. The amount of consumer sales and service tax collected from businesses located in the economic opportunity district during the twelve calendar months preceding the calendar quarter during which the application will be submitted to the Development Office.

3.18.b. The estimated amount of economic opportunity district excise tax that will be collected in the first twelve months after the month in which the Tax Commissioner would first begin to collect the tax.

3.18.c. The estimated amount of economic opportunity district excise tax that will be collected during the first thirty-six months after the month in which the Tax Commissioner would first begin to collect that tax.

3.19. Any additional information that the Development Office may require.

W. Va. Code R. § 145-14-3