2017 Session

Budget Amendments - HB1500 (Member Request)

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Chief Patron: James
Co-Patron(s): Heretick
Portsmouth PILOT Payment from VPA

Item 464 #1h

Item 464 #1h

First Year - FY2017 Second Year - FY2018
Virginia Port Authority FY2017 $0 FY2018 $1,700,000 GF

Page 451, line 31, strike "$3,487,625" and insert "$5,187,625".

Page 451, line 38, after "A." insert "1."

Page 451, after line 49, insert:

"2.  In addition to the amounts provided in paragraph A.1. of this item, the Commonwealth shall provided $1,700,000 in the second year from the general fund to the City of Portsmouth to offset losses in property taxes resulting from the capital lease agreement between the Virginia Ports Authority and Virginia International Gateway's relating to port facilities in the City of Portsmouth."


(This amendment provides $1.7 million from the general fund in the second year as the first part of a three-year payment to the City of Portsmouth to offfset the loss of property taxes resulting from the Commonwealth's altered capital lease of the Virginia International Gateway port facility.)