H. B. 2453
(By Delegates Pino and Perry)
[Introduced January 9, 2008; referred to the
Committee on Education then the Judiciary.]
A BILL to amend and reenact §18B-12-10 of the Code of West
Virginia, 1931, as amended, relating to the assignment and
transfer of real property for research and development at
institutions of higher education for economic development
purposes; and providing that economic development includes
housing projects.
Be it enacted by the Legislature of West Virginia:
That §18B-12-10 of the Code of West Virginia, 1931, as
amended, be amended and reenacted to read as follows:
ARTICLE 12. RESEARCH AND DEVELOPMENT AGREEMENTS FOR STATE
INSTITUTIONS OF HIGHER EDUCATION.
§18B-12-10. Assignment or transfer of property to certain
corporations.
(a) Institutional boards of governors may provide and transfer
funding and property, both real and personal, to corporations as defined in section one of this article, and with which the
institution under its jurisdiction has contracted pursuant to the
provisions of this article. Any deed that transfers real property
under the provisions of this section to a corporation, as defined
in section one of this article, for either: (i) research and
development; (ii) economic development projects
including housing
projects resulting in the creation of employment related to the
results of research and development conducted on the property; or
(iii) both; under this section shall include provisions requiring
that the real property revert to the institution under the
following circumstances:
(1) For a period of two years, the property is not used for at
least one of the purposes for which it may be conveyed;
(2) The corporation to which the real property is transferred
is dissolved; or
(3) The corporation files a petition in bankruptcy.
(b) Any corporation, as that term is defined in section one of
this article, may provide and transfer funding and property, both
real and personal, to another person, firm or corporation for: (i)
research and development; (ii) economic development projects
including housing projects resulting in the creation of employment
related to the results of research and development conducted on the
property; or (iii) both. Any deed that transfers real property to
a person, firm or corporation shall include provisions requiring that the real property revert to the corporation, as defined in
section one of this article, under the following circumstances:
(1) For a period of six months, the property is not used for
at least one of the purposes for which it may be conveyed;
(2) The corporation to which the real property is transferred
is dissolved; or
(3) The corporation files a petition in bankruptcy.
(c) The person, firm or corporation that receives real
property from the corporation, as defined in section one of this
article, may not transfer the property to another party without the
written permission of the corporation, as defined in section one of
this article. The corporation, as defined in section one of this
article, may not grant any such request unless the corporation
determines that covenants in the deed or lease agreement provide
adequate assurance that the terms of subsections (a) and (b) of
this section are preserved.
(d) At least twenty days before the transfer of any property
pursuant to the provisions of this section, the institutional board
of governors or the corporation, as defined in section one of this
article, whichever is appropriate, shall
give public notice of the
transfer through a Class II legal advertisement in accordance with
the provisions of article three, chapter fifty-nine of this code
satisfy the public notice and hearing requirements set forth in
subdivisions (1) through (6), subsection (a), and in subsection (b), section five, article one-a, chapter twenty of this code.
NOTE: The purpose of this bill is to provide that the
assignment and transfer of real property for research and
development at institutions of higher education for economic
development purposes includes housing projects.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.