The bill aims to amend and reenact sections of the West Virginia Code related to the Certified Sites and Development Readiness Program and the West Virginia Business Ready Sites Program. It establishes a Certified Sites and Development Readiness Program within the Division of Economic Development, which will evaluate and certify sites based on their readiness for development. The program will include an application process for state, county, municipal, or regional governmental entities to identify potential sites for economic development. The division will provide funding assistance through a matching grant program, allowing applicants to receive up to 50% of the costs for improving site readiness. Additionally, a new micro grant program is introduced, allowing sites of varying sizes to receive funding up to $250,000, contingent upon approval from the Department of Commerce.

The bill also creates the Certified Sites and Development Readiness Fund, which will be administered by the Division of Economic Development and will consist of appropriations, external funds, and interest earned. The fund will support the Certified Sites and Development Readiness Program, ensuring that any balance at the end of the fiscal year remains available for future use. Furthermore, the bill modifies the West Virginia Business Ready Sites Program to allow sites that meet certain criteria to access funds from the Certified Sites and Development Readiness Fund, provided that the Department of Commerce approves the applications. This comprehensive approach aims to enhance the competitiveness of West Virginia's industrial sites by improving utility infrastructure and overall site readiness for economic development.

Statutes affected:
Introduced Version: 5B-2-19, 24-2-1n
Engrossed Version: 5B-2-19, 24-2-1n