The Senate passed a bill on Thursday that aims to supercharge economic development by allowing West Virginia higher education institutions to partner with non-profit organizations.
Senate Bill 825 seeks to streamline agreements that promote job creation and enhance research capabilities within the state’s universities.
The legislation amends existing codes to enable these institutions to enter into contracts with non-stock, not-for-profit corporations, specifically designed to foster economic growth. By exempting these agreements from certain regulatory requirements, the bill is positioned to expedite research funding and development initiatives, which supporters argue are crucial for the state’s economic future.
Key provisions of the bill include designating these non-profits as the primary economic development entities for the institutions, allowing for shared governance between university officials and corporate directors, and simplifying the process for acquiring research grants. Proponents believe that this collaboration will not only bolster the competitive edge of West Virginia’s higher education system but also create jobs and stimulate local economies.
The bill now heads to the House of Delegates for consideration.
UPDATE:
The Senate reconvened around 4:45 pm and received House messages and committee reports, reading select bills a first time.
The Senate is adjourned until tomorrow, March 28, at Noon.
Morning Meetings for March 28:
Transportation and Infrastructure at 10 a.m. in 451M
Energy at 11 a.m. in 208W
