2015 Session

Budget Amendments - HB1400 (Member Request)

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Chief Patron: James
Brownfields Redevelopment Program

Item 120 #1h

Item 120 #1h

First Year - FY2015 Second Year - FY2016
Commerce and Trade
Virginia Economic Development Partnership FY2015 $0 FY2016 $1,000,000 GF

Page 98, line 29, strike "$19,376,464" and insert "$20,376,464".
Page 100, after line 5, insert:
"P.  Out of this appropriation, $1,000,000 the second year from the general fund shall be provided to the Brownfield Restoration and Economic Redevelopment Fund to be utilized pursuant to § 10.1-1237, Code of Virginia."

(This amendment provides funding for the Brownfield Restoration Fund, which last received funding in fiscal year 2012. The $1.0 million provided in fiscal year 2012 was used to jump start 22 redevelopment projects across the state. There is strong interest by developers in additional monies to leverage new brownfield cleanup projects. The Brownfields/Land Renewal Program coordinated through the VEDP and the Department of Environmental Quality helps facilitate the assessment, cleanup, sale and reuse of real property throughout the Commonwealth that might otherwise remain blighted and unused. Developers often steer clear of these types of properties because of their perceived risk and potential cost. The older central cities have a significant number of these sites that if redeveloped would bring much needed jobs, and increased property values and tax revenue to the central cities. For a relatively small amount of public funding, there could be substantial private sector capital reinvestment in locations that already have the utilities and infrastructure in place, thus reducing sprawl and contributing to a better environment.)