W. Va. Code R. § 145-16-11

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

Section 145-16-11 - Vested property right; termination

11.1. When a Tourism Development District is established, the Applicant and any successor to the Applicant shall have a vested property right to undertake and complete the approved elements of the Project, subject to the provisions of the Act and this rule.

11.2. Failure to abide by the terms and conditions of this rule or material failure to complete the Project shall result in revocation of the Tourism Development District and in forfeiture of the right established in this section; provided, however, the Applicant or any successor thereto shall have sixty (60) days to begin to cure any such failure before any such revocation of the Tourism Development District may occur.

11.3. The vesting period within which the approved elements of the Project must be completed is five (5) years from the date the Tourism Development District is established. This five-year period can be extended once for a period of up to a maximum of thirty-six (36) months upon submission of the certification required by subsection 10.2 to the Director stating that the Applicant is seeking an extension. The vesting shall become permanent once eighty percent (80%) or more of the buildings in the Project, based on square footage of space, have been completed, unless the Tourism Development District is sooner terminated as provided in this rule.

11.4. Revocation of the Tourism Development District as provided in this rule or expiration of the five-year vesting period prior to completion of the Project shall not affect the portion of the Project 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 application or any change thereto that has been approved in writing by the Director of the Development Office. The revocation of the Tourism Development District shall not impact operation of the portion of the Project for which design, acquisition, construction, or equipping has been completed prior to the revocation of the Tourism Development District or any design, acquisition, construction or equipping which is grandfathered under this rule.

11.5. Each Tourism Development District Shall terminate by operation of law ninety-nine (99) years from the date approved by the Development Office, unless a shorter time period for termination is agreed to by the Applicant and the Development Office.

11.6. A Tourism Development District shall continue to exist beyond the termination or expiration of the Act.

W. Va. Code R. § 145-16-11