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

W. Va. Code R. § 145-12-2