West Virginia House Bill HB3370

West Virginia 2023 Regular Session

• Introduced: 2/10/23
• Refer: 2/10/23
• Refer: 2/16/23
• Engrossed: 2/28/23
• Refer: 3/1/23
• Report Pass: 3/6/23
• Enrolled: 3/11/23
• Passed: 3/11/23
• Chaptered: 5/1/23

Caption

Creating loan program for certain properties and developments on U. S. Army Corps of Engineers land, state parks and resorts

Impact

The passage of HB3370 is anticipated to significantly impact state laws relating to economic development within the tourism sector. By permitting the West Virginia State Parks and Recreation Endowment Fund to facilitate loan insurance, the bill allows for the support of projects that enhance recreational opportunities in state parks and resorts. This can lead to increased visitor traffic, improved facilities, and ultimately, a stronger economic base for local communities.

Summary

House Bill 3370 establishes the State Parks Enhancement Loan Insurance Program in West Virginia. This program is designed to encourage economic development and tourism by providing insurance for loans made to eligible private entities for projects on properties owned by the State Parks and the U.S. Army Corps of Engineers. The initiative aims to provide a financial safety net for developments that currently face challenges in securing loans due to a lack of collateral, thereby promoting new or existing tourism attractions and developments.

Sentiment

Overall sentiment around HB3370 appears supportive, especially among stakeholders in the tourism and business sectors. Proponents of the bill argue that it addresses a critical barrier to development in state parks and can lead to job creation and economic benefits. Conversely, concerns may arise regarding the potential financial risk associated with insuring these loans, particularly if anticipated revenues from increased tourism do not materialize.

Contention

Notable points of contention may focus on the limitations imposed by the program, including the maximum loan amount of $5 million for individual projects and the overall cap of $10 million in aggregate loan insurance. Questions regarding how effectively the program will be implemented and monitored could also be discussed in future legislative sessions, particularly regarding accountability and financial viability.