Economic development; incentive financing for major employment and investment projects, report. (HB2550)
Introduced By
Del. Kirk Cox (R-Colonial Heights) with support from 30 copatrons, whose average partisan position is:
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Economic development; incentive financing for major employment and investment projects. Authorizes the Virginia Public Building Authority and the Virginia Resources Authority to finance economic development initiatives for major employment and investmentprojects (MEI projects) performed by state and local government entities. An MEI project is defined as a high impact regional economic development project in which a private entity is expected to make a capital investment in real and tangible personal property exceeding $250 million and create more than 400 new full-time jobs, and is expected to have a substantial direct economic impact on surrounding communities. The bill also establishes the MEI Project Approval Commission to review financing for individual incentive packages for MEI projects to be financed by the Virginia Public Building Authority. Amends § 2.2-2260 (“Short title; definition.”), § 2.2-2261 (“Virginia Public Building Authority created; purpose; membership; terms; expenses; staff.”), § 2.2-2263 (“Powers and duties of Authority; limitations.”), § 2.2-3705.6 (“Exclusions to application of chapter; proprietary records and trade secrets.”), § 30-309 (“MEI Project Approval Commission; membership; terms; compensation and expenses; definition.”), § 30-312 (“Commission report to General Assembly.”), § 62.1-198 (“Legislative findings and purposes.”), § 62.1-199 (“Definitions.”), of the Code of Virginia. View Full Text »
