1999 Session

Budget Amendments - HB1450 (Committee Approved)

Elko Tract Conveyances (language only)

Item 4-5.13 #3h

Item 4-5.13 #3h

Special Conditions And Restrictions On Expenditures

page 533, after line 6, insert:
§ 4-5.13  Sale of Elko Tract Parcels
a.  In consideration of the Real Estate Purchase Agreement dated May 20, 1996, between the Commonwealth and the Industrial Development Authority of Henrico County, Virginia, which involves that certain property described as 2,272 acres, more or less, and which is generally referred to as the Elko Tract, the Governor or his designee shall not agree to the sale of any remaining parcels at less than fair market value, which shall be based upon a current appraisal of the subject parcel by an independent appraiser certified as a Licensed General Appraiser.
b.  Recognizing the commercial business and industrial development objectives of the conveyance of the Elko Tract by the Commonwealth, the Governor shall be authorized to utilize funds available in the Governor's Development Opportunity Fund, as provided for in Item 547 of this Act, as a resource for use, in the Governor's discretion, to meet the requirements of subsection a. of this section.
c.  At least thirty days prior to the execution of the real estate transfer agreement for sale of remaining parcels involving the Elko Tract, the Governor or his designee shall notify the chairmen of the House Appropriations and Senate Finance Committees, providing a description of the parcel, the purchaser and the agreed upon sale price."

(This amendment is self-explanatory.)