Source: http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=hb2852%20intr.htm&yr=2011&sesstype=RS&i=2852
Timestamp: 2018-05-25 16:51:10
Document Index: 743737127

Matched Legal Cases: ['§7', '§7', '§7', '§7', '§7', '§7', '§7', '§7', '§7', '§7', '§7', '§7', '§7', '§7', '§7', '§7']

A BILL to amend and reenact §7-11B-3, §7-11B-4, §7-11B-7, §7-11B-8, §7-11B-9, §7-11B-10, §7-11B-17, and §7-11B-22 of the Code of West Virginia, 1931, as amended, all relating to the West Virginia Tax Increment Financing Act; revising definitions relating to governing bodies of counties and municipalities; adding definition for municipality; adding remediation of property to definition of development or redevelopment project; redefining project costs to include remediation costs for landfills, former coal mining sites, solid waste facilities or hazardous waste sites; defining remediation; requiring the Director of the Development Office to provide the Legislature with an itemized list of applications development and redevelopment districts along with a status explanation of applications on dates certain; clarifying municipalities’ power to utilize tax increment financing and to finance project costs by other means; clarifying that municipalities are not required to seek approval when amending project plans if the project is not enlarged or the total amount of indebtedness increased; providing that development or redevelopment districts shall not be terminated so long as tax increment financing obligations remain outstanding; clarifying the time when bonds may be refunded or refinanced and when refunding bonds may be issued in principal amounts; and providing technical corrections.
That §7-11B-3, §7-11B-4, §7-11B-7, §7-11B-8, §7-11B-9, §7-11B-10, §7-11B-17 and §7-11B-22 of the Code of West Virginia, 1931, as amended, be amended and reenacted all to read as follows:
(2) “Base assessed value” means the taxable assessed value of all real and tangible personal property, excluding personal motor vehicles, having a tax situs within a development or redevelopment district as shown upon the landbooks and personal property books of the assessor on July 1 of the calendar year preceding the effective date of the order or ordinance creating and establishing the development or redevelopment district.
(21) (22) “Project” means any capital improvement, facility or both, as specifically set forth and defined in the project plan, requiring an investment of capital, including, but not limited to, extensions, additions or improvements to existing facilities, including water or wastewater facilities, and the remediation of contaminated property as provided for in article twenty-two, chapter twenty-two of this code property located within the development or redevelopment district as provided herein but does not include performance of any governmental service by a county or municipal government.
(B) Costs of remediation of publicly or privately owned landfills, former coal mining sites, solid waste facilities or hazardous waste sites to facilitate commercial development which would not otherwise be economically feasible;
(c) After the public hearing, the county commission or the governing body of the municipality, shall finalize the boundaries of the development or redevelopment district, the development or redevelopment project plan, or both, and submit the same to the director of the Development Office for his or her review and approval. The director, within sixty days after receipt of the application, shall approve the application as submitted, reject the application or return the application to the county commission or governing body of the municipality for further development or review in accordance with instructions of the director of the Development Office. A development or redevelopment district or development or redevelopment project plan may not be adopted by the county commission or the governing body of a municipality until after it has been approved by the executive director of the Development Office. On February 1 and August 1 of each year, the director of the Development Office shall deliver to the Legislature of this state an itemized list of all applications seeking approval of :(i) the boundaries of a development or redevelopment district and :(ii) a development or redevelopment project plan, or both, that have not been approved, rejected or returned to the county commission or governing body of the municipality as required herein. Such itemized list shall include a detailed explanation of the reasons why such applications, if any, have not been approved, rejected or returned to the county commission or governing body of the municipality within the timeframe provided herein.
NOTE: The purpose of this bill is to clarify the power of municipalities to use tax increment financing for development and redevelopment projects. The bill also allows certain remediation projects to fall within the parameters of the article and provides that the Director of the Development Office must take action on applications for projects by a date certain or the projects are deemed approved by operation of law.