West Virginia Code of State Rules Agency 117 - Economic Development Authority
West Virginia Code of State Rules
Agency 117 – Economic Development Authority
1. Purpose and Authority
Agency 117 establishes the West Virginia Economic Development Authority (EDA), which is tasked with promoting and facilitating economic growth and development within the state. The EDA aims to support:
Business expansion and attraction.
Job creation.
Capital financing for development projects.
Community and regional economic improvement.
The Authority operates as a state entity empowered to administer financial assistance programs and other development activities.
2. Organizational Structure
The Authority is governed by a board or commission composed of appointed members.
Staff and administrators carry out day-to-day functions including application processing, fund management, and compliance monitoring.
3. Programs and Financial Assistance
The EDA administers various financial assistance programs designed to stimulate economic development. These may include:
Loan programs.
Bond financing.
Grants or subsidies targeted at specific sectors or projects.
Eligibility for these programs is determined by criteria such as:
Project feasibility.
Economic impact.
Job creation potential.
Geographic considerations (e.g., targeted distressed areas).
Applicants may include businesses, local governments, and economic development organizations.
4. Application and Approval Process
Prospective applicants must submit detailed proposals, including:
Project description.
Financial plans.
Economic benefits.
Compliance with applicable program requirements.
The Authority reviews applications for completeness and alignment with program goals.
Approval decisions are made by the board or designated officials based on established standards.
5. Funding Terms and Conditions
Assistance is provided under terms that promote responsible use of public resources.
Financial agreements specify repayment schedules, collateral requirements, and reporting obligations.
The Authority may impose conditions to ensure projects meet stated objectives and comply with rules.
6. Monitoring and Compliance
Recipients of financial assistance are subject to ongoing monitoring.
Reports on project progress, financial status, and job creation may be required.
Noncompliance with program terms can result in penalties, including loan default or termination of assistance.
7. Record-Keeping and Reporting
The Authority maintains records of applications, awards, and project outcomes.
Periodic reports to the governing board summarize activities, financial performance, and economic impact.
8. Core Principles (Based on Agency 117 Rules Only)
Promotion of Economic Growth: The Authority’s primary mission is to stimulate development and job creation.
Accountability: Applicants and recipients must demonstrate responsible use of funds and progress toward goals.
Transparency: Decisions are made based on clear criteria and documented processes.
Financial Prudence: Assistance programs are managed to ensure fiscal sustainability and risk management.
Partnership: Collaboration between the Authority, businesses, and local communities is essential.
Summary
Agency 117 provides the framework for the West Virginia Economic Development Authority to facilitate economic development by offering financial assistance programs, reviewing applications, ensuring compliance, and monitoring project outcomes. The rules describe the structure, processes, and principles governing the Authority’s operations without reference to any laws outside the agency’s own rules.
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