The bill amends the definition and funding mechanisms for "high-impact development projects" under the West Virginia Economic Development Authority. It allows for the consideration of regional and local economic factors when determining if the loan per job ratio criteria has been met for such projects. Additionally, the bill provides for an annual exemption of up to $20 million from the high-impact development project definition, which can be spent from the Economic Development Project Fund. It also removes the previous $300 million cap on available funds for high-impact development projects, enabling more flexibility in funding.

Furthermore, the bill mandates that the board of directors consider the overall availability of funds in both the Economic Development Project Fund and the Industrial Development Loan Fund when making decisions regarding financial assistance packages for high-impact development projects. This change aims to enhance the state's ability to support economic development initiatives by ensuring that funding is allocated efficiently and effectively, while also maintaining transparency through annual reporting and auditing requirements.

Statutes affected:
Introduced Version: 31-15-23a
Enrolled Version: 31-15-23a