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 145-12-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
For purposes of this rule:
2.1. "Affordable Housing" means housing that
				could be purchased with a cash down payment of at least ten percent and the
				proceeds of a mortgage loan, the monthly principal and interest payments on
				which do not exceed thirty percent of the gross monthly income of a household
				earning one hundred percent of the current median family income, as computed by
				the United States Department of Housing and Urban Development, for the county
				in which the district is located. For the purposes of this definition, the
				monthly principal and interest payments referred to in the preceding sentence
				are computed using a standard amortization calculation incorporating the
				prevailing annual rate of interest on mortgage loans offered by financial
				institutions in the vicinity of the district, as defined by the Development
				Office at the time of its review of a municipality's application in accordance
				with W. Va. Code §
									8-38-7,
				and a thirty year amortization period.
2.2. "Applicant" means a municipality having
				established an economic opportunity development district in accordance with W.
				Va. Code §
									8-38-4
				who is applying or has applied to the Director of the Development Office for
				approval of an economic opportunity development district project.
2.3. "Application" means a request from a
				municipality for approval of an economic opportunity development district
				project that is filed with the Director of the Development Office pursuant to
				W. Va. Code §
									8-38-7
				and this rule, which provides all of the information and documentation required
				by this rule.
2.4. "Certificate of
				project" means a written statement issued to an applicant by the Director of
				the Development Office pursuant to W. Va. Code §
									8-38-7(e)
				and that evidences the Director's approval of the applicant's project
				application.
2.5. "Department of
				Commerce" means the Department of Commerce created in the executive branch of
				state government in W. Va. Code §
									5F-1-2(a).
2.6. "Development expenditures" means
				payments for government functions, programs, activities, facility construction,
				improvements and other goods and services which a district board is authorized
				to perform or provide pursuant to W. Va. Code §
									8-38-5.
2.7. "Development Office" means the West
				Virginia Development Office created in W. Va. Code §
									5B-2-1
et
				seq
., which is an agency that is incorporated in and administered as
				part of the Department of Commerce, as provided in W. Va. Code §
									5B-1-2.
2.8. "Director" means the Executive Director
				of the West Virginia Development Office.
2.9. "District" means an economic opportunity
				development district pursuant to W. Va. Code §
									8-38-4.
2.10. "District Board" means a
				district board created pursuant to W. Va. Code §
									8-38-10.
2.11. "Eligible property" means any taxable
				or exempt real property located in a district established pursuant to W. Va.
				Code §
									8-38-4.
2.12. "Municipality" is a word of art and
				means any Class I, Class II and Class III city or any Class IV town or village
				as classified in W. Va. Code §
									8-3-1.
2.13. "Remediation" means measures undertaken
				to bring about the reconditioning or restoration of property located within the
				boundaries of an economic opportunity development district that has been
				affected by exploration, mining, industrial operations or solid waste disposal
				and which measures, when undertaken, will eliminate or ameliorate the existing
				state of the property and enable the property to be commercially
				developed.
2.14. "Special District
				Excise Tax" means an excise tax imposed by ordinance upon the privilege of
				selling tangible personal property and rendering select services to a district
				and levied by a municipality having been authorized to impose the tax by the
				West Virginia Legislature for the benefit of an economic opportunity
				development district.
2.15. "West
				Virginia Code" or "W. Va. Code" means the Code of West Virginia, one thousand
				nine hundred thirty-one, as amended.