Adopted by House 3-10-2010
S. B. 42 -- "A BILL to amend and reenact §8-38-3, §8-38-4, §8- 38-5, §8-38-7, §8-38-10, §8-38-12, §8-38-15, §8-38-16, §8-38-17 and §8-38-20 of the Code of West Virginia, 1931, as amended, all relating to revising the Municipal Economic Opportunity Development District Act generally; enlarging the types of municipal corporations that may use sales tax increment financing to finance certain economic development projects to any Class I, Class II and Class III city and any Class IV town or village; including remediation of former coal mining sites as a permissible development expenditure for a project; changing standard by which the maximum amounts of reserves that may be established in the financing of a project are measured; suggesting that the development office should consider whether the economic development that a project enables is large enough to require that it contain mixed use development consisting of a housing component with at least ten percent of housing units in the district allocated for affordable housing when determining whether there is a pressing need for the project; defining affordable housing; and allowing the development office to reduce the minimum amount of local sales tax revenues that would be deposited into the state's general revenue fund in certain circumstances.".