Increasing the size of matching grants for local economic development from $30,000 to $50,000.
Impact
The amendment to the West Virginia Code will enable local authorities to access more substantial funding for their development initiatives. The increase in matching grants is designed to attract more ambitious projects and investments at the local level, providing communities with the necessary resources to foster economic growth. Furthermore, the bill emphasizes collaboration between local entities and various public and private agencies, enhancing the overall support network available for economic development in the state.
Summary
House Bill 5170 is proposed legislation aimed at enhancing local economic development in West Virginia by increasing the annual matching grants allotted to local development corporations. The bill stipulates an increase in the grant amount from $30,000 to $50,000 per fiscal year. This financial support is intended for certified development corporations or authorities that partner with the state's economic development department, ensuring that they receive funding assistance to stimulate regional growth and investment.
Sentiment
The sentiment surrounding HB 5170 appears to be positive, with strong support from the legislative body evident in the unanimous approval during voting. The increase in financial support for local development is generally well-received, especially among lawmakers who champion economic initiatives. However, discussions around the bill could also evoke questions regarding the sustainability of funding and how these matching grants will be administered effectively.
Contention
While there may be limited contention surrounding the bill given its unanimous passage, potential discussions could focus on ensuring that the increased funding is appropriately allocated and utilized. Stakeholders might express concerns regarding the criteria set by the Department of Economic Development for awarding these grants, ensuring equitable access for all eligible corporations or authorities. Additionally, the sustainability of these grants and their longevity in future budgets could also be a point of contention as communities seek ongoing economic support.
Transferring the administration of the West Virginia Small Business Innovation Research (SBIR) and Small Business Technology Transfer (SBTT) Matching Funds Program from the Department of Commerce to the Department of Economic Development
Transferring administration of WV Small Business Innovation Research and Small Business Technology Transfer Matching Funds Program to Department of Economic Development
Supplementing and amending Chapter 11, Acts of the Legislature, Regular Session, 2023, known as the budget bill, to the Department of Economic Development – Office of the Secretary