§ 5.5-53. Finding; purpose; and governmental functions of the authority.

The member localities agree that this authority has been established for the following purpose and function.

(1)

The member localities agree that the economy of the Western Virginia Regional Industrial Facility Authority area has not kept pace with those of the rest of the commonwealth. The respective individual member localities may lack the financial resources to assist in the development of economic development projects and the creation of the authority provides a mechanism for the partners to cooperate in the development of facilities which will assist the region in overcoming this barrier to economic growth.

(2)

The exercise of the powers granted by the act shall be in all aspects for the benefit of the inhabitants of the region for the increase of their commerce, and for the promotion of their safety, health, welfare, convenience and prosperity.

(3)

The act provides the six-member localities with many powers by which the member localities may interact as one body or as individual participating groups consisting of one or more member localities of the authority which the members believe will give each local government an opportunity to establish successful partnerships for the development of economic projects which will serve the region.

(Res. No. 1-10-2013, Art. III, 10-2-13; Res. No. 13-11-2013, Art. III, 11-19-13)

(Res. No. 1-10-2013, Art. III, 10-2-13; Res. No. 13-11-2013, Art. III, 11-19-13)