Chief Patron: Suit
Brownfields Restoration

Item 361 #1h

Language
Page 317, line 51, strike "$12,452,730" and insert "$17,452,730".
Page 317, line 51, strike "$12,414,096" and insert "$17,414,096".
Page 318, line 11, before "It", insert "A.".
Page 318, after line 15, insert:
"B.  Out of the amounts appropriated for Land Protection, $5,000,000 each year from the general fund is provided to capitalize the Virginia Brownfields Restoration and Economic Redevelopment Assistance Fund, pursuant to Title 10.1, Chapter 12.1, Code of Virginia."

Explanation
(This amendment provides $5.0 million each year from the general fund to provide funding for brownfields restoration and redevelopment. Brownfields are typically properties previously used by industry that may or may not contain polluted soils. The liabilities associated with the redevelopment of such sites leads many companies to seek greenfields, or previously undeveloped tracts, as sites for relocations or further growth. The Virginia Brownfields Restoration and Economic Redevelopment Assistance Fund, which is managed by the Department of Environmental Quality, the Virginia Economic Development Partnership, and the Virginia Resources Authority, provides grants and loans to assist with the redevelopment of these brownfield properties. Capitalizing this fund would provide economic development assistance for the Virginia's cities.)