This bill amends the Industrial Access Road Fund provisions in West Virginia law to enhance its flexibility and responsiveness to economic development needs. Key changes include the stipulation that unobligated funds will remain allocated to the original county for three fiscal years before reverting to the State Road Fund. Additionally, the bill allows counties that are part of a regional economic development organization to allocate their funds to projects in other counties, provided they coordinate through the regional entity. The bill also introduces new uses for the fund, such as signage and safety upgrades related to approved projects, and allows for the waiver of surety requirements for federally funded projects.

Furthermore, the bill modifies the criteria for the Division of Highways when determining the construction of industrial access roads, emphasizing the importance of traffic volume, economic impact, and the potential for leveraging federal funds. It also clarifies that funds cannot be used for certain facilities and sets new limits on the allocation of unmatched funds, increasing the cap from $400,000 to $500,000 per county per fiscal year. The Division of Highways is tasked with evaluating these funding thresholds every five years to ensure they remain adequate in light of inflation and construction costs. Overall, the bill aims to improve the effectiveness of the Industrial Access Road Fund in supporting economic development initiatives across the state.

Statutes affected:
Introduced Version: 17-3A-1, 17-3A-2, 17-3A-3, 17-3A-4