The implementation of HB 2059 is expected to trigger increased economic activity in rural areas by ensuring that industrial sites have the necessary utility infrastructure. It allows public utilities to recover the costs associated with this infrastructure through a multi-year comprehensive planning process, making it financially viable for the utilities to invest in these developments. This could lead to job creation and stimulate local economies near these industrial sites, which historically may have lacked the facilities required for significant business operations.
Summary
House Bill 2059 aims to amend the Rural Industrial Site Development Act to enhance economic development in West Virginia by facilitating construction of utility infrastructure at designated industrial sites. The bill establishes a 'Business Ready Sites Program' to identify suitable locations that can attract industrial development by providing necessary utilities. By enabling public utilities to develop infrastructure plans tailored for these sites, the bill seeks to streamline the process for businesses looking to establish operations in the state.
Sentiment
The sentiment surrounding HB 2059 appears to be generally positive among supporters who view it as a progressive step towards bolstering West Virginia's appeal to potential industries. Proponents argue that improved infrastructure will make these areas significantly more attractive for businesses looking to relocate or expand. However, there may also be concerns regarding the environmental and regulatory implications of such developments, with some stakeholders advocating for careful scrutiny to ensure that these projects do not negatively impact local ecosystems or communities.
Contention
One notable point of contention is how the bill balances the needs of economic development with environmental stewardship. Critics may argue that while infrastructure development can stimulate economic growth, it must not come at the expense of detrimental impacts on local environments or communities. There is also the potential for debate over the extent of public utility involvement in private industrial development and whether they are adequately protected in terms of cost recovery and future expansions.
Providing for the funding of the development of comprehensive regional plans, competitive sites for businesses to locate or expand within this Commonwealth and competitive industrial and nonindustrial sites by assisting in the reduction of development risk; establishing the Pennsylvania Strategic Investments to Enhance Sites (PA SITES) Program, the PA SITES Fund and the PA SITES Debt Service Restricted Account; and conferring powers and duties on the Department of Community and Economic Development Pennsylvania Economic Development Financing Authority.
Providing for the funding of the development of comprehensive regional plans, competitive sites for businesses to locate or expand within this Commonwealth and competitive industrial and nonindustrial sites by assisting in the reduction of development risk; establishing the Pennsylvania Strategic Investments to Enhance Sites (PA SITES) Program, the PA SITES Fund and the PA SITES Debt Service Restricted Account; and conferring powers and duties on the Department of Community and Economic Development Pennsylvania Economic Development Financing Authority.
Amends requirements for certain mixed use parking projects undertaken by municipal redevelopers under Economic Redevelopment and Growth Grant program; increases total available tax credits by $25 million.
Amends requirements for certain mixed use parking projects undertaken by municipal redevelopers under Economic Redevelopment and Growth Grant program; increases total available tax credits by $25 million.