HB3370: Creating loan program for certain properties and developments on U. S. Army Corps of Engineers land, state parks and resorts

Legislative Summary

The purpose of this bill is to create a loan program to be administered by the West Virginia Department of Economic Development for certain properties and developments on U.S. Army Corps of Engineers land, state parks and resorts, and hybrid tourism destinations in the case of default by an eligible entity. The bill provides for legislative findings and a purpose. The bill provides for definitions. The bill establishes the loan program wherein the state will co-sign on existing loans between public and private partnerships and a bank. The bill provides for guidelines and approval by the West Virginia Department of Economic Development, the West Virginia Department of Commerce, and the West Virginia Department of Tourism before a project may be approved for funding. Finally, the bill provides for an effective date.