Enterprise Zone Grant Program; zones limited in county/city to an aggregate of 10 square miles. (HB1740)

Introduced By

Del. Keith Hodges (R-Urbanna)

Description

Enterprise Zone Grant Program. Changes the Enterprise Zone Grant Program by (i) limiting enterprise zones in each county and city to an aggregate of 10 square miles; (ii) allowing the Department of Housing and Community Development to add a contiguous locality to an existing joint enterprise zone consisting of four or more localities, provided that all localities have submitted resolutions supporting the new joint enterprise zone and applications for redesignation of the enterprise zone; and (iii) providing that if appropriations are insufficient to pay all persons making real property investments in an enterprise zone, then the initial allocation to each county and city for the payment of all qualified investors will not exceed $1 million. Currently, the Department may add an area of a locality to an existing joint enterprise zone consisting of two localities if the area added is contiguous to the existing zone and includes a revenue-sharing district that has experienced the loss of 900 permanent full-time positions in a 12-month period. If allocations are insufficient to pay all qualified zone investors in full, grants are currently allocated among all investors in a proportional manner regardless of the county or city of location. Read the Bill »

Outcome

History