Economic development; incentive financing for major employment and investment projects, report. (SB1119)

Introduced By

Sen. Chuck Colgan (D-Manassas) with support from co-patrons Sen. Robert Hurt (R-Chatham), and Sen. Roscoe Reynolds (D-Martinsville)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
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. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/13/2009Prefiled and ordered printed; offered 01/14/09 092359812
01/13/2009Referred to Committee on Commerce and Labor
01/19/2009Rereferred from Commerce and Labor (9-Y 0-N) (see vote tally)
01/19/2009Rereferred to Finance
01/20/2009Impact statement from DPB (SB1119)
02/03/2009Reported from Finance with amendments (16-Y 0-N) (see vote tally)
02/04/2009Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/05/2009Read second time
02/05/2009Reading of amendments waived
02/05/2009Committee amendments agreed to
02/05/2009Engrossed by Senate as amended SB1119E
02/05/2009Printed as engrossed 092359812-E
02/06/2009Impact statement from DPB (SB1119E)
02/06/2009Read third time and passed Senate (39-Y 0-N) (see vote tally)
02/13/2009Placed on Calendar
02/13/2009Read first time
02/13/2009Referred to Committee on Appropriations
02/16/2009Assigned App. sub: Economic Development, Agriculture and Natural Resources(Cox)
02/19/2009Subcommittee recommends reporting with amendment(s)
02/23/2009Reported from Appropriations with substitute (24-Y 0-N) (see vote tally)
02/23/2009Committee substitute printed 092644812-H1
02/24/2009Read second time
02/25/2009Read third time
02/25/2009Committee substitute agreed to 092644812-H1
02/25/2009Engrossed by House - committee substitute SB1119H1
02/25/2009Passed House with substitute BLOCK VOTE (100-Y 0-N)
02/25/2009VOTE: BLOCK VOTE PASSAGE (100-Y 0-N) (see vote tally)
02/26/2009House substitute agreed to by Senate (38-Y 0-N) (see vote tally)
02/26/2009Title replaced 092644812-S1
03/09/2009Enrolled
03/09/2009Bill text as passed Senate and House (SB1119ER)
03/09/2009Signed by President
03/11/2009Signed by Speaker
03/12/2009Impact statement from DPB (SB1119ER)
03/27/2009G Approved by Governor-Chapter 311 (effective 7/1/09)
03/27/2009G Acts of Assembly Chapter text (CHAP0311)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 25 seconds.