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, which is essential for assessing projects and the economic development assistance package proposed by the Governor. Additionally, the bill permits up to $20 million annually to be exempted from the high-impact development project definition and allocated from the Economic Development Project Fund. It also removes the previous $300 million cap on funds available for high-impact development projects, thereby increasing the potential financial support for such initiatives.

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 flexibility and responsiveness of funding for economic development efforts in West Virginia, ultimately fostering business growth and job creation in the state.

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