Source: http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=hb2760%20intr.htm&yr=2011&sesstype=RS&i=2760
Timestamp: 2018-01-17 22:19:39
Document Index: 45815495

Matched Legal Cases: ['§8', '§8', '§8', '§8', '§8', '§8', '§8', '§8', '§8', '§8']

A BILL to amend and reenact §8-38-3, §8-38-4, §8-38-5, §8-38-7, §8-38-10, §8-38-12, §8-38-15, §8-38-16, §8-38-17 and §8-38-20 of the Code of West Virginia, 1931, as amended, all relating to revising the Municipal Economic Opportunity Development District Act generally; enlarging the types of municipal corporations that may use sales tax increment financing to finance certain economic development projects to any Class I, Class II and Class III city and any Class IV town or village; including mining operations in the definition of remediation; including remediation of former coal mining sites as a permissible development expenditure for a project; changing the standard by which the maximum amounts of reserves that may be established in the financing of a project are measured; recommending that the development office consider whether the economic development that a project enables is large enough to require that it contain mixed use development consisting of a housing component with at least ten percent of housing units in the district allocated for affordable housing when determining whether there is a pressing need for the project; defining affordable housing; allowing the development office to reduce the minimum amount of local sales tax revenues that would be deposited into the State’s General Revenue Fund in certain circumstances; providing that the maximum repayment schedule of all notes, bonds or other instruments issued to fund projects is thirty years; and providing technical and clerical clean-up.