2010 Session

Budget Amendments - HB30 (Conference Report)

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Biofuels Facility Incentive Payment (language only)

Item 96 #4c

Item 96 #4c

Commerce And Trade
Economic Development Incentive Payments

Page 52, after line 43, insert:
"8.  Out of the appropriation for this item, such amounts as needed to meet the Commonwealth's previous commitments shall be deposited in the Biofuels Production Fund, as established in § 45.1-393 of the Code of Virginia.  Such funds shall be used to provide a grant in support of the location and construction of a non-advanced neat biofuel production facility in the City of Hopewell in an amount equal to $0.10 for each gallon of neat biofuels produced and sold by the facility in each calendar year."

(This amendment fulfills the Commonwealth's economic development commitment to a company that selected Virginia for the location of the nation's first barely ethanol production facility. This $170.0 million investment, which is the largest alternative energy project in Virginia, will produce 65 million gallons per year of alternative fuel and is on schedule to be completed in June 2010. The Commonwealth marketed funding from the Virginia Biofuel Production Fund as an economic development incentive to locate in the City of Hopewell. Funding for this commitment was not included in the introduced budget. A companion amendment to Item 111 strikes language in the introduced budget that is not necessary with this amendment.)