1998 Session

Budget Amendments - SB30 (Conference Report)

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Industrial Site Development Fund

Item 92 #9c

Item 92 #9c

First Year - FY1999 Second Year - FY2000
Commerce And Trade
Housing and Community Development, Department of FY1999 $3,000,000 FY2000 $0 GF

Page 62, line 25, strike "$63,077,428" and insert "$66,077,428".
Page 65 after line 8, insert:
"J.1.  Out of the amounts in this item shall be provided $3,000,000 the first year from the general fund for the creation of an Industrial Site Development Fund.  Funds shall be used to assist communities with the cost of developing industrial properties in distressed areas of the Commonwealth.
2.  The Department shall develop criteria and guidelines for the use of such funds.  In developing the guidelines, the Department shall give preference to communities in development of regional industrial sites.  Such regional sites shall include two or more localities; have identified, purchased, or placed under option the land for the project; and have contracted for or have finished an engineering study of the proposed site.  Forty-five days prior to the expenditure of any funds, the Department shall submit for review the guidelines for this program to the Governor and Chairmen of the House Appropriations and Senate Finance Committees."

(This amendment is self-explanatory.)