WHEELING, WV (LOOTPRESS) – Legislative Interim sessions for the month of November continued in Wheeling on Monday as the Joint Finance Committee were briefed by the state Department of Revenue.
West Virginia revenue has purportedly received positive agency feedback following review, with a rainy-day fund of $1.2 million and nearly completely funded employee retirement system being acknowledged as key highlights. Additionally, the state teacher’s retirement system is said to be funded at nearly 75%, while state workers’ comp debt is retired with the account in question’s balance sitting at $7 million.
The state economy is said to currently be made up of coal and timber in the amount of 2.9%, with over 90% being derived from other sources.
Weirton’s city manager presented on Monday, noting the economic success of the area and calling Weirton “the holy trinity of logistics: road, river, and rail.”
It was also revealed that the Weirton Frontier Crossing development will be built upon the site were Weirton Steel once resided. The facility was once the largest employer in the state and was a key economic driver for the city itself. Form Energy, a $750 million investment tied to hundreds of jobs, will purportedly begin operations in 2024, and is expected to contribute over $155 million to the overall West Virginia economy.
Members of the committee heard from the Brooke County Commissioner, who addressed investments throughout the area. The commissioner noted that 305 jobs have been created over the past several years, with $138,814,597 being invested in businesses throughout the area from investors both private and public.
The Beach Bottom Industrial Park, which had been abandoned in 2012, was addressed during the session. Grants were sought by the county for the remediation of the 120 acres of developable property, which now houses Jupiter Aluminum, BISCO Refractories, Tenaris, and Pure Watercraft.
Additionally, the commissioner spoke of an increase in Brooke County revenue and improvements being made by the commission to government properties. Among projects currently in development within the county are a 911 Centralized Dispatch Center, new EMS station, ambulance upgrades, and Judicial Center.