W. Va. Code R. § 145-12-2 - Definitions
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-2-1et
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.
Notes
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