Relating to Business Ready Sites Program
What changed between versions
Added a new section (§24-2-1n) creating a formal 'West Virginia Business Ready Sites Program' specifically for large industrial sites (50+ contiguous acres) that lack adequate utility services.
Defined key terms including 'Industrial Development Agency', 'Industrial Development Site' (50+ acres), 'Secretary' (Dept of Commerce), and 'Utility'.
Established a new process where the Secretary of Commerce certifies potential sites, after which public utilities can apply to the Public Service Commission to build infrastructure and recover costs through rates.
Modified the original Chapter 5B section to explicitly state that sites certified under the new Chapter 24 program are eligible for funding from the Certified Sites and Development Readiness Fund, subject to Department of Commerce approval.
Added detailed provisions allowing public utilities to recover infrastructure costs through rate mechanisms, including specific rules for calculating returns, taxes, and operational expenses.