January 24, 2024
Maxwelton (WV) The Greenbrier Valley EDC and Pocahontas County CVB are offering an informational session for developers and interested parties to learn more about the BUILD WV program on Tuesday, February 6, 2024, at 2 p.m. at the Wellness Center in Marlinton.
Pocahontas County received a BUILD WV designation in August, which was the 8th in the state. This designation is the first step in the process which the CVB and EDC secured this summer. Now developers can apply to the program for specific projects to receive tax credits and incentives.
Meghan Smith with the WV Department of Economic Development will lead the informational session and give program details and answer questions about specific projects.
The Build WV Act was created to encourage housing development by offering incentives in designated Build WV districts. There are two certified districts in the Greenbrier Valley, which include most of Greenbrier and Pocahontas Counties and part of Monroe County (see map).
According to the Build WV Code (WV §5B-2L-16), projects eligible for the BUILD WV Act will be located in a certified district: include at least six residential units or houses OR generate approved costs in excess of $3,000,000: create a significant and positive economic impact on the state; improve opportunities for commercial businesses and provide additional employment opportunities.
Qualifying projects within the district are eligible to receive a sales tax exemption for building materials as well as a 10-year property value adjustment refundable tax credit to offset building costs. BUILD WV Act was passed by Legislature in 2022 and expanded in 2023.
Interested housing developers are encouraged to RSVP to one of the events by calling (304) 497-4300 or register online at https://bit.ly/BuildWVPocahontas.
Refreshments will be provided. The event is free and open to the public. The Wellness Center is at 320 9th Street, Marlinton, WV.
An informational session will also be held at the Greenbrier Valley Ascend headquarters in Lewisburg at 10am on the same day.
The Greenbrier Valley EDC is the local economic development authority for Pocahontas, Greenbrier and Monroe Counties whose mission is to strategically facilitate economic growth and higher wages through collaborative partnerships, while preserving the natural beauty and quality of life in the Greenbrier Valley region.
The Pocahontas County Convention and Visitors Bureau [PCCVB] is an independent, nonprofit corporation dedicated to marketing and promoting Pocahontas County as a destination. Their mission is to promote tourism which strengthens our community through job creation and education, while protecting the environment, sharing our culture and preserving our history.