West Virginia Code 5B-2L-17 – Agreement between Department of Economic Development and approved company or approved group of multiple party project participants
(a) The Department of Economic Development, upon final approval of an application by the Secretary, may enter into an agreement with any approved company or group of multiple party project participants with respect to a project.
Terms Used In West Virginia Code 5B-2L-17
- Agreement: means a BUILD WV project agreement entered into pursuant to this article, between the Department of Economic Development and an approved company or group of multiple party project participants with respect to a project. See West Virginia Code 5B-2L-3
- Approved company: means any eligible company approved by the Department of Economic Development pursuant to this article seeking to undertake a project. See West Virginia Code 5B-2L-3
- Approved costs: means costs included, as stated herein, and not excluded pursuant to the provisions of this definition, or this article, or any other provision of this code. See West Virginia Code 5B-2L-3
- certification: means the action taken by the Secretary of the Department of Economic Development to certify a BUILD WV project. See West Virginia Code 5B-2L-3
- Department of Economic Development: means the West Virginia Department of Economic Development established under the provisions of §. See West Virginia Code 5B-2L-3
- Eligible company: means any corporation, limited liability company, partnership, limited liability partnership, sole proprietorship, business trust, joint venture, or any other entity operating or intending to operate a certified project, whether owned or leased, within the state that meets the standards required by the Department of Economic Development for certification under this article. See West Virginia Code 5B-2L-3
- project: means BUILD WV project that has received the certification of the Department of Economic Development in accordance with this article, and for which certification remains current and in effect. See West Virginia Code 5B-2L-3
(b) The Department of Economic Development may, at the discretion of the Secretary of the Department of Economic Development, approve an application for project certification constituting a single company application or a multiple party project application. The Secretary of the Department of Economic Development may certify a multiple party project, and may enter into an agreement with the principals thereof. For purposes of this article, a multiple party project participant must be an eligible company as defined in this article. The terms and provisions of each agreement shall include, but not be limited to:
(1) Total projected approved costs.
(2) Within three months of the completion date, the approved company or group of multiple party project participants shall document:
(A) The actual cost of the project through a certification of the costs to the Department of Economic Development by an independent certified public accountant acceptable to the Department of Economic Development; and
(B) A date certain by which the approved company or group of multiple party project participants shall have completed and opened the certified project for occupancy.
(3) Any approved company or group of multiple party project participants, having received final approval may request, and the Department of Economic Development may grant, an extension of time or change to the expected timeline. However, in no event shall the extension exceed three years from the date of certification to the completion date specified in the agreement with the approved company or group of multiple party project participants.
(c) Although adjacent properties may be developed and expanded upon by approved companies or others, and certified BUILD WV project property may itself be developed and expanded upon, in such cases, the certified BUILD WV project designation and the tax incentives and benefits of this article shall not apply with relation to such noncertified developments or expansions, except upon the issuance of a subsequent certification by the Department of Economic Development for such development or expansion. In no case may a certified project be augmented, enlarged, extended or expanded, except pursuant to issuance of an additional and separate certification of a new and distinct project. Any augmentation, enlargement, extension or expansion may only be approved and certified pursuant to the submission of a new request for project approval, with full payment of all associated fees, and submission of full documentation as required under this article for a new project.