(a) The West Virginia Development Office, previously continued from the Governor’s office of community and industrial development, is hereby continued but is hereafter raised to a separate and distinct department of the executive branch of state government and is designated and shall be known as the West Virginia Department of Economic Development. All references in this code to the West Virginia Development Office, the office of community and industrial development, or the Governor’s office of community and industrial development shall be construed as references to the West Virginia Department of Economic Development. As used in this article, “Department” means the Department of Economic Development.

(b) Any documentary material, data or other writing made or received by the Department of Economic Development or other public body whose primary responsibility is economic development, for the purpose of furnishing assistance to a new or existing business shall be exempt from § 29B-1-1 et seq. of this code: Provided, That any agreement entered into or signed by the Department of Economic Development or other public body which obligates public funds shall be subject to inspection and copying pursuant to § 29B-1-1 et seq. of this code as of the date the agreement is entered into, signed or otherwise made public.