Item 89 | First Year - FY2015 | Second Year - FY2016 |
|---|---|---|
| Economic Development Services (53400) | $1,110,000 | $1,110,000 |
| Financial Assistance for Economic Development (53410) | FY2015 $1,110,000 | FY2016 $1,110,000 |
| Fund Sources: | ||
| General | FY2015 $1,110,000 | FY2016 $1,110,000 |
Authority: Title 3.2, Chapter 3.1, Code of Virginia.
A.1. Out of the amounts in this Item, $1,000,000 the first year and $1,000,000 the second year from the general fund shall be deposited to the Governor's Agriculture and Forestry Industries Development Fund for the payment of grants or loans in accordance § 3.2-303 et seq., Code of Virginia. In addition to the amounts included in this Item, the Governor at his discretion may authorize the expenditure of up to $250,000 in each year from the amounts appropriated in Item 101.A.1.
2. Of the amounts provided for the fund, $250,000 the first year and $250,000 the second year shall be used to improve local economic development efforts related to agribusiness.
B. Out of the amounts in this Item, $110,000 the first year and $110,000 the second year may be used by the department to pay administrative costs.