West Virginia Code of State Rules › Agency 117 - Economic Development Authority › Title 117 - PROCEDURAL RULE ECONOMIC DEVELOPMENT AUTHORITY › Series 117-04 - Economic Development And Technology › Section 117-4-3 - Qualification of Economic Development and Technology Advancement Center

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. Applications.
				-- Qualified economic development and technology advancement centers under the
				West Virginia Capital Company Act, W. Va. Code §
									5E-1-1 et
				seq., must receive the prior written approval of the Authority in order to be
				designated as a qualified economic development and technology advancement
				center. The application process and the requirements for designation are set
				forth in this Rule.
3.2.
				Application Receipt and Review.
3.2.a.
				Acceptance in General. -- During regular business hours of the Authority, the
				Director (which shall for purposes of receipt of applications include other
				representatives of the Authority) shall receive applications on a first come,
				first served basis beginning on the day set forth in the announcement for
				acceptance of applications; provided, that all applications received by the
				Director on the same calendar day shall be considered simultaneously received
				regardless of the time of day of actual delivery. The Director shall record the
				time and date of receipt of an application. The Director shall not receive
				applications prior to the day set forth in the announcement for acceptance of
				applications.
3.2.b. Delivery. --
				Applications shall be considered received by the Director and submitted by the
				applicant on the day of actual delivery to the Director, whether the delivery
				is performed in person, by mail, by courier or delivery service, or
				otherwise.
3.2.c. Review of
				Applications.
1. General Rule. -- The
				Director shall review all applications in the order of their receipt to
				determine if each application is complete. The Director has sole discretion to
				determine whether an application is complete. The Director's determination
				shall be made within forty-five (45) days of the application's receipt. In the
				event that the Director determines an application to be incomplete, the
				Director shall notify the applicant, in writing, of the reasons for that
				determination and shall return the incomplete application to the applicant. The
				applicant may resubmit the application after correcting the deficiencies stated
				in the notice. If an application, though incomplete, is substantially complete
				as determined in the sole discretion of the Director, the time of receipt of
				the resubmitted application, for purposes of review by the Director, shall be
				considered to be the time of receipt of the initial application. If an
				application is not substantially complete as determined in the sole discretion
				of the Director, the resubmitted application shall be considered received, for
				purposes of review by the Director, when resubmitted.
2. Review of Simultaneously Received
				Applications. -- In the event of simultaneously received applications submitted
				by applicants, the Director shall first review the applications to determine
				the tax credits sought by each application, and the total of the tax credits
				sought by all the simultaneously received applications. If the total tax
				credits sought by all the simultaneously received applications are less than
				the tax credits authorized for a Center, after taking into account applications
				reviewed previously and determined to be complete or substantially complete,
				the Director shall proceed to review the simultaneously received applications
				for completeness and the applications shall be considered simultaneously
				reviewed.