Creating Economic Development Investment Fund

SB 1063 creates a new Economic Development Investment Fund in West Virginia's State Treasury to finance job-creating projects, support industry recruitment, fund infrastructure for large industrial users, and leverage private investment. The fund, administered by the Division of Economic Development, can provide loans, grants, or equity but cannot cover government operating costs or salary increases, with no single project receiving more than 25% of the fund balance. Entities receiving funds must sign performance agreements requiring job creation, private investment thresholds, and tax base expansion. The fund must maintain a minimum balance equal to one year of projected commitments and report annually to the Joint Committee on Government and Finance.