FISCAL NOTE



FUND(S):

0256

Sources of Revenue:

General Fund

Legislation creates:

A New Program



Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


The purpose of this legislation is to create a nine member board to develop by-laws and establish application procedures for cities and counties to apply to the state to create Arts,Entertainment, and Enterprise Districts. The board must by December 1,2012 establish application procedures as well as take applications and review any sumitted in order to certify up to ten of these Districts. The Development office must also report to the Legislature by July,2013 concerning communities desiginated during 2012, as well perform a study of similiar programs around the country and make a recommendation whether a tax credit program should be established.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2012
Increase/Decrease
(use"-")
2013
Increase/Decrease
(use"-")
Fiscal Year
(Upon Full
Implementation)
1. Estmated Total Cost 0 50,000 302,500
Personal Services 0 0 202,500
Current Expenses 0 50,000 100,000
Repairs and Alterations 0 0 0
Assets 0 0 0
Other 0 0 0
2. Estimated Total Revenues 0 0 0


Explanation of above estimates (including long-range effect):


The estimated costs for fiscal year 2013 is based on the need to cover the travel costs of the six board members from outside of state government to attend twelve monthly meetings as well as the cost to employ a consultant to perform a study of the various progams available throughout the country. The fiscal year 2014 costs are based on the Development Office hiring three additional staff to administer this program.



Memorandum


This legislation previously established a tax credit program for these Districts as well as a state financial aid program for arts and entertainment ventures in these Districts. We are not sure what the interest in these Districts would be without some kind of incentives.



    Person submitting Fiscal Note: Carl D Smith
    Email Address: carl.d.smith@wv.gov