Enterprise zones; criteria for designation. (HB169)

Introduced By

Del. John Cosgrove (R-Chesapeake)

Description

State enterprise zone designations.  Provides that an area for which state enterprise zone designation is sought would be required to meet one of the following: (i) have 25 percent or more of the population with incomes below 80 percent of the median income of the jurisdiction; (ii) have an unemployment rate 1.5 times the state average; or (iii) have a demonstrated floor area vacancy rate of industrial and/or commercial properties of 20 percent or more.

The criteria would replace the current criteria that considers locality-wide need as demonstrated by: (i) the average unemployment rate for the locality over the most recent three-year period; (ii) the average median adjusted gross income for the locality over the most recent three-year period; and (iii) the average percentage of public school students within the locality receiving free or reduced price lunches over the most recent three-year period. Amends § 59.1-540 (“Administration.”), § 59.1-542 (“Enterprise zone designation.”), § 59.1-545 (“Application review.”), of the Code of Virginia. View Full Text »

Outcome

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