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2020 Special Session I

Budget Amendments - HB5005 (Conference Report)

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Technical Update to Planned Economic Development Incentive Payments

Item 112 #2c

Item 112 #2c

First Year - FY2021 Second Year - FY2022
Commerce and Trade
Economic Development Incentive Payments FY2021 ($2,776,800) FY2022 ($436,800) GF

Language
Page 23, line 5, strike "$77,898,533" and insert "$75,121,733".
Page 23, line 5, strike "$55,528,283" and insert "$55,091,483".

Page 23, line 5, strike "Not set out." and insert:

"B.1. Out of the appropriation for this item, $5,223,700 $4,946,900 the first year and $4,978,700 $4,541,900 the second year from the general fund shall be deposited to the Investment Performance Grant subfund of the Virginia Investment Partnership Grant Fund to be used to pay investment performance grants in accordance with § 2.2-5101, Code of Virginia.

2. Consideration should be given to economic development projects that 1) are in areas of high unemployment; 2) link commercial development along existing transportation/transit corridors within regions; and 3) are located near existing public infrastructure."

Page 23, line 5, strike "Not set out." and insert:

"L. 1. Out of the appropriation in this item, $3,230,000 $730,000 the first year and $2,993,750 the second year from the general fund shall be deposited to a special, nonreverting fund for the award of grants in accordance with legislation to be considered by the 2020 General Assembly.

2. Of the amounts deposited to the fund, $2,500,000 the first year and $2,500,000 the second year may be awarded as grants to a qualified pharmaceutical company in a qualified locality pursuant to the legislation and subject to performance metrics agreed to in a memorandum of understanding with the Commonwealth.

3. Of the amounts deposited to the fund, $730,000 the first year and $493,750 the second year may be awarded as grants to a comprehensive community college and a baccalaureate public institution of higher education in or near the eligible county pursuant to the legislation."



Explanation

(This amendment postpones planned economic development incentive payments as a result of project delays caused by the COVID-19 pandemic and updated performance data. Upon enrolling, Item 112 will be set out and enrolled appropriately.)