W. Va. Code R. § 145-12-3 - Contents of Application
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 §
8-38-6.
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 municipality to the funding of development
expenditures.
3.12. Identification
of any businesses that the municipality 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 municipality 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. The proposed applications of any
surplus from all funding sources to further the objectives of W. Va. Code
§
8-38-1et
seq. and this rule.
3.17.
The Tax Commissioner's certification of:
3.17.a. The amount of consumer sales and
service tax collected from businesses located in the economic opportunity
district during the twelve calendar months preceding the calendar quarter
during which the application will be submitted to the Development
Office.
3.17.b. The estimated
amount of economic opportunity district excise tax that will be collected in
the first twelve months after the month in which the Tax Commissioner would
first begin to collect the tax.
3.17.c. The estimated amount of economic
opportunity district excise tax that will be collected during the first
thirty-six months after the month in which the Tax Commissioner would first
begin to collect that tax.
3.18. Any additional information that the
Development Office may require.
Notes
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