West Virginia Development Office Plans $47.5M for TBED Awards

In its second attempt to distribute $225 million across the state to local economic development projects, after a lawsuit successfully challenged the initial selection process, the West Virginia Development office is poised to award nearly $47.5 million to directly benefit several technology-specific initiatives.

A grant committee of the West Virginia Development Office announced the awards among the sum of those made — $225.86 million to 48 projects in 27 counties. Technology-related awards include:

• $14.75 million for expansion of the I-79 Technology Park (Marion County);
• $12.5 million for a biotechnology development center at Marshall University (Cabell County);
• $10 million for a medical research facility at West Virginia University's Rockefeller Neurosciences Institute and $2.3 million for biometric technology development (Monongalia County);
• $4.3 million for an electronic recycling center involving polymers (Wood County);
• $2 million for a technology center at Concord College (Mercer County); and,
• $1.5 million for the creation of a biotechnology incubator and $133,000 for expansion of a business incubator (Kanawha County).

The West Virginia Economic Development Grant Committee was created in 2002 to authorize bonds for qualified economic development, infrastructure and capital improvement projects such as those above.

West Virginia newspapers report another legal challenge is expected from the same party, this time questioning the constitutionality of using video lottery proceeds to pay back the bonds. As a result, actual bond issuance and project awards may be delayed until early winter.

More information on the West Virginia Economic Development Grant Committee is available at: http://www.wvdo.org/wvedgc.htm