W. Va. Code R. § 145-14-6

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

Section 145-14-6 - 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 the housing units in the district allocated for affordable housing.

6.9. Whether the county has a strategy for economic development in the county 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 § 7-22-1et seq.

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

6.12.a. Whether the project will provide in the relevant time periods of twenty-four or forty-eight months, the minimum capital investment required by W. Va. Code 7-22-7(a)(13).

6.13. Provided, that no project may be approved by the development office unless the amount of all development expenditures proposed to be made in the first twenty-four months following the creation of the district results in capital investment of more than $75 million in the district and the county submits clear and convincing information, to the satisfaction of the development office, that the investment will be made if the development office approves the project and the Legislature authorizes the county commission to levy an excise tax on the sale of goods and services made within the economic opportunity district.

6.14. Provided, that no project involving remediation may be approved by the Development Office unless the amount of all development expenditures proposed to be made in the first forty-eight months following the creation of the district results in capital investment of more than $75 million in the district and unless the county commission submits clear and convincing information, to the satisfaction of the development office, that the proposed remediation expenditures to be financed by the issuance of bonds or notes pursuant to section sixteen of this article do not constitute more than twenty-five percent of the total development expenditures associated with the project.

6.15. Any other criteria that the Development Office establishes.

W. Va. Code R. § 145-14-6