1999 Session

Budget Amendments - SB800 (Member Request)

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Chief Patron: Lucas
Payment in lieu of taxes for Portsmouth

Item 544 #1s

Item 544 #1s

First Year - FY1999 Second Year - FY2000
Virginia Port Authority FY1999 $0 FY2000 $922,883 GF

Page 416, line 44, strike "$33,395,132" and insert "$34,318,015".
Page 418, after line 9, insert:
"E. Out of the amounts appropriated in this Item, $922,883 in the second year from the general fund shall be provided to the City of Portsmouth as a payment in lieu of taxes from the Virginia Port Authority."

(This amendment compensates the City of Portsmouth for 250 acres of land occupied by the Virginia Port Authority (VPA), and valued at $27.9 million. If the VPA land were to be taxed at the current Portsmouth tax rate of $1.36/$100, Portsmouth would receive $379,232. In addition, business personal property taxes would generate an additional $543,651, for a total tax to the City, if levied, of $922,883.)