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Committee backs bill to give development authority discretion over high‑impact project financing
Summary
The committee reported Senate Bill 907, which would remove fixed $50 million minimums and a $300 million annual cap, giving the West Virginia Economic Development Authority discretion to set loan and investment thresholds for high‑impact projects and annual fund allocations.
The Senate Economic Development Committee voted to report Senate Bill 907 to the full Senate with the recommendation that it pass after committee consideration.
Committee counsel explained that the bill would amend the West Virginia Economic Development Authority’s loan provisions to provide the board greater flexibility in financing high‑impact development projects. Current statute defines a high‑impact development project as one with both a…
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