This bill proposes the creation of a new section in the West Virginia Code, specifically 31-15-23b, to establish a statutory program aimed at providing financial assistance for the construction of airplane hangars at local airports. A special revenue fund, known as the Airport Hangar Development Fund, will be created to consist of various sources of funding, including a $75 million transfer from the Economic Development Project Fund. The West Virginia Economic Development Authority will be responsible for managing this fund and will use it to promote economic development in aviation-related sectors by offering grants to counties, municipalities, and regional airport authorities for the construction and improvement of wide-body hangar facilities.

The bill outlines specific criteria for grant eligibility, including minimum size requirements for hangars and preferences for airports with certain operational characteristics. It mandates that grant applications include detailed plans and relevant airport information to demonstrate the feasibility of the proposed projects. Additionally, the authority is empowered to collaborate with various state and local agencies to identify funding opportunities and may limit the number of participating airports based on available funds. An annual report on the status of the program will be provided to the Joint Committee on Government and Finance.

Statutes affected:
Introduced Version: 17-16F-29
Committee Substitute: 31-15-23b
Engrossed Committee Substitute: 31-15-23b