MEI Project Approval Commission; shall review financing for individual incentive packages, etc. (SB184)
Introduced By
Sen. Chuck Colgan (D-Manassas)
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
MEI Project Approval Commission; work of the Commission. Expands the scope of incentive packages to be reviewed by the MEI Project Approval Commission by eliminating the limitation that the Commission may only review incentive packages for MEI projects that are proposed to be funded by bonds of the Virginia Public Building Authority and by providing for the Commission to review incentive packages for which (i) one or more of the incentives in the incentive package is not authorized under current law or (ii) an amendment by the General Assembly is being sought to one or more currently existing incentives included as part of the incentive package.
A Major Employment and Investment project is defined under current law as a regional economic development project in which a private entity is expected to make a capital investment exceeding $250 million in the Commonwealth and to create more than 400 new full-time jobs.
As part of its review, the Commission may endorse certain incentive packages for MEI projects for approval by the General Assembly. Amends § 30-309 (“MEI Project Approval Commission; membership; terms; compensation and expenses; definition.”), § 30-310 (“Review of incentive packages.”), § 30-312 (“Commission report to General Assembly.”), of the Code of Virginia. View Full Text »
