Increasing number of districts and limit on approved costs under BUILD WV Act
The proposed changes are expected to bolster the criteria for certifying districts and projects, thereby broadening the scope for economic initiatives across the state. By allowing more districts and lifting the cost cap on approved projects, the bill posits that it will foster an environment conducive to business development and job creation. It is envisioned that the bill will positively impact local economies by enhancing opportunities for commercial enterprises to flourish within these certified districts.
Senate Bill 713 seeks to amend the BUILD WV Act in West Virginia by increasing the number of certified districts and raising the limit on approved costs for projects under the act. The bill introduces provisions that outline the criteria for designating certified BUILD WV districts and specifies the number of such districts that may exist simultaneously. These improvements aim to promote economic growth and development by facilitating project approvals that align with the state's needs for housing and employment.
The overall sentiment toward SB713 appears to lean toward support, especially among proponents who regard it as a vital step toward stimulating economic activity in West Virginia. Supporters argue that by enabling more flexibility and resources for project development, the bill stands to benefit numerous communities in dire need of economic revitalization. However, there may be reservations from skeptics concerning the bill's implementation and actual effectiveness in addressing the unique needs of diverse local economies.
Notable points of contention may arise surrounding the specific criteria used to designate districts and certify projects. Some stakeholders could express concerns about potential favoritism in the designation process or the capacity of the Department of Economic Development to effectively manage the increased number of districts. As the bill progresses, it will be crucial to closely examine how these changes impact the allocation of resources and the nature of economic development projects across the state.