The bill amends the definition and funding mechanisms for "high-impact development projects" as outlined in the Code of West Virginia. It allows the West Virginia Economic Development Authority board to consider regional and local economic factors when determining if the loan per job ratio criteria has been met for projects seeking financial assistance. Additionally, the bill permits up to $20 million annually to be exempted from the high-impact development project definition, allowing these funds to be utilized from the Economic Development Project Fund. The previous $300 million cap on available funds for high-impact development projects has also been removed, providing greater flexibility in funding.

Furthermore, the bill stipulates that the board of directors must consider the overall availability of funds in both the Economic Development Project Fund and the Industrial Development Loan Fund when making decisions regarding economic development financial assistance packages. This change aims to enhance the effectiveness of financial support for high-impact projects, ensuring that funds are allocated based on comprehensive assessments of available resources and project needs. The bill is set to take effect 90 days after passage, on July 11, 2025.

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