This bill amends the definition and criteria for "high-impact development projects" as reviewed and approved by the West Virginia Economic Development Authority Board. It removes the previous requirement for a minimum financing amount of $50 million and instead allows the board to determine the necessary capital investment based on regional and local economic factors. The bill also updates the criteria for the board's ability to assess economic development financial assistance packages, emphasizing the importance of consultation with the Secretary of the Department of Commerce and the Executive Director of the Division of Economic Development.

Additionally, the bill modifies the funding limits for various economic development projects, including high-impact development projects, traditional loans, and business retention projects, by allowing the board to consider the overall availability of funds in the Economic Development Project Fund and the Industrial Development Loan Fund. It also establishes a special revenue fund for economic development projects and mandates the authority to maintain detailed records and submit annual reports on project statuses. Overall, the bill aims to enhance the flexibility and effectiveness of the Economic Development Authority in supporting economic growth in West Virginia.

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