Morrisey Announces $40M Industrial Site-Readiness Funding

West Virginia Gov. Patrick Morrisey announced a $40 million initiative, described as the largest competitive industrial site-development allocation in state history, to prepare properties for businesses and attract investment and jobs. The program allocates $25 million in loans of up to $5 million for 30,000- to 50,000-square-foot industrial shell buildings, and $15 million in grants for site assessments, engineering, grading, utilities and other preparation. Businesses locating in the buildings must pay at least 120% of the county median wage and are expected to create one job per 750 square feet. Local development authorities, county commissions and municipal governments may apply, and projects must begin within six months of an award; the state says the initiative is intended to help communities compete for employers and speed development.