The proposed bill establishes a new nonprofit corporation called "TEAM-WV" under a newly created Article 12 of Chapter 5B of the Code of West Virginia. The corporation's primary purpose is to promote economic development, job creation, job retention, job training, and business recruitment within the state. The bill outlines the formation process, which includes the Governor filing articles of incorporation and appointing a board of directors consisting of nine members, including three ex-officio members from West Virginia University, Marshall University, and the West Virginia Investment Management Board. It also details the qualifications, terms, and appointment procedures for board members, while clarifying that TEAM-WV will not be considered a state agency and will not be subject to certain provisions of Chapter 31E.

Additionally, the bill addresses the operational framework of TEAM-WV, including its contractual obligations with the Department of Commerce, which will involve advising on departmental evaluations and public record designations. It mandates transparency through regular reporting on expenditures and activities, and establishes conflict of interest procedures for board members. The bill also allows for the transfer of enterprise acquisition projects related to spirits distribution to TEAM-WV, with specific financial arrangements, including a minimum annual payment of $30 million and tax exemptions for the corporation. The roles of the Secretary of Revenue and the Secretary of Commerce in negotiating the transfer agreement are also defined, ensuring compliance with state laws and the West Virginia Constitution.

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
Committee Substitute: 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
Engrossed Committee Substitute: 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