§7-11B-1. Short Title
This article may be known and cited as "The West Virginia Tax Increment Financing Act".
§7-11B-10. Termination of Development or Redevelopment District
(a) No development or redevelopment district may be in existence for a period longer than thirty years and no tax increment financing obligations may have a final maturity date later than the termination date of the area or district: Provided, That, for any existing development or redevelopment district for which tax increment financing obligations have […]
§7-11B-11. Costs of Formation of Development or Redevelopment District
(a) The county commission, or the governing body of a municipality, may pay, but shall have no obligation to pay, the costs of preparing the project plan or forming the development or redevelopment district created by them. (b) If the county commission, or the governing body of the municipality, elects not to incur those costs, […]
§7-11B-12. Overlapping Districts Prohibited,
The boundaries of any development and redevelopment districts shall not overlap with any other development or redevelopment district.
§7-11B-13. Conflicts of Interest; Required Disclosures and Abstention
(a) If any member of the governing body of an agency applying for a development or redevelopment district or a development or redevelopment project plan, a member of the county commission considering the application or a member of the governing body of a municipality considering the application owns or controls an interest, direct or indirect, […]
§7-11B-14. Projects Financed by Tax Increment Financing Considered to Be Public Improvements Subject to Prevailing Wage, Local Labor Preference and Competitive Bid Requirements
(a) Any project acquired, constructed, or financed, in whole or in part, by a county commission or municipality under this article shall be considered to be a "public improvement" within the meaning of the provisions of articles one-c, chapter twenty-one of this code. (b) The county commission or municipality shall, except as provided in subsection […]
§7-11B-15. Reports by County Commissions and Municipalities, Contents, and Publication; Procedure to Determine Progress of Project; Reports by Development Office, Content of Reports; Rule-Making Authority; Development Office to Provide Manual and Assistance
(a) Each year, the county commission, or its designee, and the governing body of a municipality, or its designee, that has approved a development or redevelopment project plan shall prepare a report giving the status of each plan and each development and redevelopment project included in the plan and file it with the executive director […]
§7-11B-16. Valuation of Real Property
(a) Upon and after the effective date of the creation of a development or redevelopment district, the county assessor of the county in which the district is located shall transmit to the county clerk a certified statement of the base assessed value, total ad valorem regular levy rate, total general obligation bond debt service ad […]
§7-11B-17. Division of Ad Valorem Real Property Tax Revenue
(a) For so long as the development or redevelopment district exists, the county sheriff shall divide the ad valorem tax revenue collected, with respect to taxable property in the district, as follows: (1) The assessor shall determine for each tax year:
§7-11B-18. Payments in Lieu of Taxes and Other Revenues
(a) The county commission or municipality that created the development or redevelopment district shall deposit in the tax increment financing fund of the development or redevelopment district all payments in lieu of taxes received pursuant to any agreement entered into on or subsequent to the date of creation of a development or redevelopment district on […]
§7-11B-19. Tax Increment Obligations Generally
(a) Tax increment obligations may be issued by a county commission, or the governing body of the municipality, to pay project costs for projects included in the development or redevelopment plan approved by the Development Office and adopted by the county commission, or the governing body of the municipality, that are located in a development […]
§7-11B-2. Findings and Legislative Purpose
(a) It is found and declared to be the policy of this state to promote and facilitate the orderly development and economic stability of its communities. County commissions need the ability to raise revenue to finance capital improvements and facilities that are designed to encourage economic growth and development in geographic areas characterized by high […]
§7-11B-20. Tax Increment Financing Obligations — Authority to Issue
For the purpose of paying project costs, or for the purpose of refunding notes issued under this article for the purpose of paying project costs, the county commission or municipality creating the development or redevelopment district may issue tax increment financing obligations payable out of tax increments and other revenues deposited to the tax increment […]
§7-11B-21. Tax Increment Financing Obligations — Authorizing Order or Ordinance
(a) Issuance of tax increment financing obligations shall be authorized by order of the county commission, or ordinance of the municipality, that created the development or redevelopment district. (b) The order, or ordinance, shall state the name of the development or redevelopment district, the amount of tax increment financing obligations authorized, the type of obligation […]
§7-11B-22. Tax Increment Financing Obligations Terms, Conditions
(a) Tax increment financing obligations may not be issued in an amount exceeding the estimated aggregate project costs, including all costs of issuance of the tax increment financing obligations. (b) Tax increment financing obligations shall not be included in the computation of the Constitutional debt limitation of the county commission or municipality issuing the tax […]
§7-11B-23. Tax Increment Financing Obligations -– Security -– Marketability
To increase the security and marketability of tax increment financing obligations, the county commission or municipality issuing the obligations may: (1) Create a lien for the benefit of the holders of the obligations upon any capital improvements, facilities or both financed by the obligations; or
§7-11B-24. Tax Increment Financing Obligations — Special Fund for Repayment
(a) Tax increment financing obligations issued by a county commission or municipality are payable out of the tax increment financing fund created for each development and redevelopment district created under this article. (b) The county commission or municipality issuing the tax increment financing obligations shall irrevocably pledge all or part of the tax increment financing […]
§7-11B-25. Tax Increment Financing Obligations – Tax Exemption
Tax increment financing obligations issued under this article, together with the interest and income therefrom, shall be exempt from all state income taxes, whether imposed on individuals, corporations or other persons, from state business franchise taxes and from ad valorem property taxes.
§7-11B-26. Excess Funds
(a) Moneys received in the tax increment financing fund of the development or redevelopment district in excess of amounts needed to pay project costs and debt service may be used by the county commission or municipality that created the development or redevelopment district for other projects within the district or distributed to the levying bodies […]
§7-11B-27. Computation of Local Share for Support of Public Schools When Tax Increment Financing Is Used
For purposes of any computation made in accordance with the provisions of section eleven, article nine-a, chapter eighteen of this code, for a county in which there is tax increment financing in effect pursuant to this article, the assessed value shall be the current assessed value minus the amount of assessed value used to determine […]