West Virginia Code of State Rules › Agency 145 - Development Office › Title 145 - LEGISLATIVE RULE DEPARTMENT OF ECONOMIC DEVELOPMENT › Series 145-14 - County Economic Opportunity Development Districts › Section 145-14-3 - 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 §
									7-22-6.
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 county to the funding of development
				expenditures.
3.12. Identification
				of any businesses that the county 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 county 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. Documents and facts showing for the
				proposed project;
3.16.a. How the project
				addresses economic problems in the area in which the project will be
				located.
3.16.b. A cost benefit
				analysis showing all costs and benefits both public and private.
3.16.c. The amount of private sector
				investment in the project and documents and fact which support a finding that
				without the support of sales tax increment financing the project would not be
				feasible.
3.16.d. How the economic
				opportunity districts excise tax dollars will leverage or be a catalyst for the
				effective use of private, other local government, or state or federal funding
				that is available.
3.16.e.
				Substantial and credible evidence that the project will be started and
				completed in a timely manner.
3.16.f. Which show that the project will
				directly or indirectly improve opportunities in the project area for the
				successful establishment or expansion of other industrial or commercial
				businesses.
3.16.g. How the project
				will directly or indirectly assist in the creation of additional long term
				employment opportunities in the area and the quality of jobs created in all
				phases of the project including wages and benefits.
3.16.h. If a project will meet any pressing
				need for the area or part of the area in which the economic opportunity
				district is located.
3.16.i.
				Whether the county commission has a strategy for economic development in the
				county and whether the project is consistent with that strategy.
3.16.j. How the project helps to diversify
				the local economy.
3.16.k. How the
				project is consistent with the goals of this article.
3.16.l. Whether the project is economically
				and fiscally sound using recognized business standards of finance and
				accounting.
3.16.m. The ability of
				the county commission and the project developer or project team to carry out
				the project: