Public-Private Acts of 1995 and 2002; certain grant agreements. (HB1395)
Introduced By
Del. Jimmie Massie (R-Richmond)
Progress
√ |
Introduced |
X |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Agreements under the Public-Private Transportation Act of 1995 and the Public-Private Education Facilities and Infrastructure Act of 2002. Authorizes state agencies and state authorities, upon the approval of the Governor, to enter into agreements with private entities under the Public-Private Transportation Act of 1995 and the Public-Private Education Facilities and Infrastructure Act of 2002 for the development of a project by the private entity, which agreements provide for the private entity to be paid grants from a portion of the growth in state taxes attributable to the development of the project. Before any agreement is entered into with a private entity, the respective Secretary shall certify to the Governor and the chairmen of the House Committee on Appropriations and the Senate Committee on Finance that the present value of the state tax revenues anticipated to be collected that are attributable to the development of the project are at least 100 percent greater than the present value of the proposed grant payments to the private entity.
The bill also would allow local governments, agencies, and authorities, upon the approval of the governing body of the locality, to join in the agreement entered into between the private entity and the state agency or state authority. View Full Text »
