2007 Session

Budget Amendments - SB750 (Member Request)

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Chief Patron: Stosch
Review of Past Development Agreements (language only)

Item 119 #1s

Item 119 #1s

Commerce And Trade
Virginia Economic Development Partnership

Page 114, after line 32, insert:
"T.  The Chairmen of the Senate Finance and House Appropriations Committees, or their designees from their respective committees, shall conduct a review of past economic arrangements made by the Commonwealth with Virginia-headquartered companies in any economic development agreements entered into prior to 1998 between the Commonwealth and such companies.  The objective of the review is to evaluate whether any arrangements made in such agreements have been met by both the Commonwealth and the private company.  The review may include recommendations to the respective standing committees for additional steps the Commonwealth may take to further the economic development goals underlying those arrangements.  The Virginia Economic Development Partnership and all other agencies, boards and commissions of the Commonwealth are requested to provide technical assistance, as required to the Chairmen or their designees in this review."

(This amendment directs the Senate Finance and House Appropriations Committees to evaluate economic development agreements between the Commonwealth and Virginia-headquartered companies who have been parties to such agreements prior to 1998. The evaluations may lead to actions taken by the Commonwealth to further the goals underlying those arrangements.)