This bill proposes the creation of a nonprofit corporation named "TEAM-WV," which will focus on economic development, job creation, job retention, job training, and business recruitment in West Virginia. The Governor is responsible for forming this corporation and filing its articles of incorporation, which must include specific provisions regarding the board of directors, including their qualifications and appointment processes. The board will consist of nine members, including three ex-officio members from local universities and the West Virginia Investment Management Board. The bill outlines governance structures, such as the appointment of a chief executive officer and the establishment of an audit committee, while ensuring that TEAM-WV will not be classified as a state agency and will not be subject to certain state provisions.

Additionally, the bill introduces amendments to existing laws governing TEAM-WV, including requirements for contract renewals and public records management. It establishes a conflicts of interest policy for the corporation's directors and officers, prohibits bribery, and restricts the use of the "TEAM-WV" name. The legislation also allows for the transfer of enterprise acquisition projects to TEAM-WV, defining the terms of such transfers, including a minimum annual payment of $30 million and a transfer agreement lasting up to 25 years. The bill grants the Secretaries of Revenue and Commerce the authority to negotiate and execute the transfer agreement, ensuring that the proceeds benefit the state's general revenue fund while maintaining compliance with existing laws.

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