W. Va. Code R. § 145-12-6 - Criteria for considering applications
The Director of the Development Office shall use the following criteria when determining whether to grant or deny an application for establishment of an economic opportunity development district:
6.1. The quality of the proposed project and
how it addresses economic problems in the area in which the project will be
located.
6.2. The merits of the
project determined by a cost-benefit analysis that incorporates all costs and
benefits, both public and private.
6.3. Whether the project is supported by
significant private sector investment and substantial credible evidence that,
but for the existence of sales tax increment financing, the project would not
be feasible.
6.4. Whether the
economic opportunity development district excise dollars will leverage or be
the catalyst for the effective use of private, other local government, state or
federal funding that is available.
6.5. Whether there is substantial and
credible evidence that the project is likely to be started and completed in a
timely fashion.
6.6. Whether the
project will, directly or indirectly, improve the opportunities in the area
where the project will be located for the successful establishment or expansion
of other industrial or commercial businesses.
6.7. Whether 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, to include, but not limited to, wages and benefits.
6.8. Whether the project will fulfill a
pressing need for the area, or part of the area, in which the economic
opportunity district is located; provided that the Development Office should
consider whether the economic development project is large enough to require
that it contain a mixed used development provision consisting of a housing
component with at least ten percent of housing units in the district allocated
for affordable housing.
6.9.
Whether the municipality has a strategy for economic development in the
municipality and whether the project is consistent with that strategy.
6.10. Whether the project helps to
diversify the local economy.
6.11.
Whether the project is consistent with the goals of W. Va. Code §
8-38-1et
seq.
6.12. Whether the
project is economically and fiscally sound using recognized business standards
of finance and accounting.
6.13.
The ability of the municipality and the project developer or project team to
carry out the projected subject to W. Va. Code §
8-38-7(b)(13)(A)
and (B).
6.14. Any other criteria that the Development
Office establishes.
Notes
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