The proposed bill seeks to create a new nonprofit corporation called "TEAM-WV" under the Economic Development Act of 1985 in West Virginia. This corporation is designed to enhance economic development, job creation, job retention, job training, and business recruitment within the state. The Governor will be responsible for forming TEAM-WV and filing the necessary articles of incorporation, which will outline the structure of the board of directors, including the appointment of a chief executive officer and the establishment of an audit committee. The board will consist of nine members, including three ex-officio members from West Virginia University, Marshall University, and the West Virginia Investment Management Board, with the remaining members selected based on their expertise.

The bill also introduces amendments to existing laws governing TEAM-WV, including a requirement for the Department of Commerce to provide written notice regarding contract renewals at least one hundred days before the end of the fiscal year, with automatic renewal provisions if notice is not given. It mandates that contracts include terms related to public records and establishes a framework for evaluating the Department of Commerce. Additionally, the bill allows for the transfer of enterprise acquisition projects to TEAM-WV for a minimum annual payment of $30 million, ensuring that the state retains no rights or interests in the project post-transfer, except for specified residual interests. The Secretary of Revenue and the Secretary of Commerce will have the authority to negotiate and execute the transfer agreement, which can last up to 25 years with a possible 15-year extension.

Statutes affected:
Introduced Version: 5B-12-1, 5B-12-2, 5B-12-3, 5B-12-4, 5B-12-5, 5B-12-6, 5B-12-7, 5B-12-8, 5B-12-9, 5B-12-10, 60-2-27