West Virginia Code 5B-2E-6 – Agreement between department and approved company
The department, upon final approval of an application by the Secretary, may enter into an agreement with any approved company with respect to its project. The terms and provisions of each agreement shall include, but not be limited to:
Terms Used In West Virginia Code 5B-2E-6
- Agreement: means a tourism development agreement entered into, pursuant to section six of this article, between the department and an approved company with respect to a project. See West Virginia Code 5B-2E-3
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Approved company: means any eligible company approved by the department pursuant to section five of this article seeking to undertake a project. See West Virginia Code 5B-2E-3
- Approved costs: means :
(a) Included costs:
(i) Obligations incurred for labor and to vendors, contractors, subcontractors, builders, suppliers, delivery persons and material persons in connection with the acquisition, construction, equipping or installation of a project. See West Virginia Code 5B-2E-3
- Department: means the West Virginia Department of Economic Development as provided in article two of this chapter. See West Virginia Code 5B-2E-3
- Final approval: means the action taken by the Secretary of the department qualifying the eligible company to receive the tax credits provided in this article. See West Virginia Code 5B-2E-3
- Project: means a tourism development project and/or a tourism development expansion project administered in accordance with the provisions of this article. See West Virginia Code 5B-2E-3
(1) The estimated amount of approved costs of the project that qualify for a sales tax credit, as provided in section seven or section seven-a of this article, as applicable. Within six months of the actual completion date, which, for purposes of this section, means the date on which the project is completed and opened to the public, the approved company shall document the actual cost of the project through a certification of the costs to the department by an independent certified public accountant acceptable to the department; and
(2) A date certain by which the approved company reasonably expects the project to be completed and to be opened to the public: Provided, That such date may be updated and amended as necessary, with the written approval of the department upon a submission by the approved company outlining the reason for amendment, and, if approved, the completion and opening of the project either prior to or after the initial proposed date shall not impact the qualification of the approved company for the tax credit as provided in §5B-2E-7 or § 5B-2E-7a of this code.