West Virginia Code of State Rules › Agency 145 - Development Office › Title 145 - LEGISLATIVE RULE DEPARTMENT OF ECONOMIC DEVELOPMENT › Series 145-12 - Municipal Economic Opportunity Development Districts › Section 145-12-3 - Contents of Application

Current through Register Vol. XLI, No. 28, July 12, 2024
An application for establishment of an economic opportunity
				  development district shall, at a minimum, include the following:
3.1. The applicant's name.
3.2. The applicant's current
				address.
3.3. The applicant's
				telephone number, facsimile number and e-mail address.
3.4. The name of the proposed economic
				opportunity development district.
3.5. A true copy of the notice of hearing
				described in W. Va. Code §
									8-38-6.
3.6. The total cost of the project.
3.7. A reasonable estimate of the number of
				months needed to complete the project.
3.8. A general description of the capital
				improvements, additional or extended services and other proposed development
				expenditures to be made in the district as part of the project.
3.9. A description of the proposed method of
				financing the development expenditures, together with a description of the
				reserves to be established for financing ongoing development expenditures
				necessary to permanently maintain the optimum economic viability of the
				district following its inception; provided that the amount of the reserves may
				not exceed the amounts that would be required by prevailing commercial capital
				market considerations.
3.10. A
				description of the sources and anticipated amounts of all financing, including,
				but not limited to, proceeds from the issuance of any bonds or other
				instruments, revenues from the special district excise tax and enhanced
				revenues from property taxes and fees.
3.11. A description of the financial
				contribution of the municipality to the funding of development
				expenditures.
3.12. Identification
				of any businesses that the municipality expects to relocate their business
				locations from the district to another place in the state in connection with
				the establishment of the district or from another place in this state to the
				district; provided that for purposes of this rule, any entities shall be
				designated as "relocated entities."
3.13. Identification of any business
				currently conducting business in the proposed economic opportunity development
				district that the municipality expects to continue doing business there after
				the district is created.
3.14. A
				good faith estimate of the aggregate amount of consumer sales and service tax
				that was actually remitted to the Tax Commissioner by all business locations
				identified as provided in 3.12. and 3.13. of this rule with respect to their
				sales made and services rendered from their then current business locations
				that will be relocated from, or to, or remain in the district for the twelve
				full calendar months next preceding the date of the application; provided that
				for purposes of this article, the aggregate amount is designated as "the base
				tax revenue amount."
3.15. A good
				faith estimate of the gross annual district tax revenue amount.
3.16. The proposed applications of any
				surplus from all funding sources to further the objectives of W. Va. Code
				§
									8-38-1
et
				seq
. and this rule.
3.17.
				The Tax Commissioner's certification of:
3.17.a. The amount of consumer sales and
				service tax collected from businesses located in the economic opportunity
				district during the twelve calendar months preceding the calendar quarter
				during which the application will be submitted to the Development
				Office.
3.17.b. The estimated
				amount of economic opportunity district excise tax that will be collected in
				the first twelve months after the month in which the Tax Commissioner would
				first begin to collect the tax.
3.17.c. The estimated amount of economic
				opportunity district excise tax that will be collected during the first
				thirty-six months after the month in which the Tax Commissioner would first
				begin to collect that tax.