2022 Session

Budget Amendments - HB29 (Member Request)

View Budget Item
View Budget Item amendments

Chief Patron: Marshall
MEI Commission: CoStar Project in Downtown Richmond

Item 112 #2h

Item 112 #2h

First Year - FY2021 Second Year - FY2022
Commerce and Trade
Economic Development Incentive Payments FY2021 $0 FY2022 $15,000,000 GF

Page 27, line 8, strike "$79,585,483" and insert "$94,585,483".

Page 30, after line 25, insert:

"S.1. Out of the amounts in this item, $15,000,000 the second year from the general fund shall be provided to the City of Richmond for expenses related to public infrastructure improvements, including commuter access and parking, pedestrian access, roadway and traffic improvements, safety enhancements, site preparation and utilities. These improvements will serve the existing and proposed facilities for a real property analytics firm (the “Company”) located in the City, the employees of the firm, and other visitors to the vicinity of the facilities.

2. Disbursement of these funds shall be at the discretion of the Virginia Economic Development Partnership Authority, based upon arrangements with the City of Richmond and the Company setting forth the terms and conditions of the distribution of funds to the City of Richmond and any expected repayment, should the Company fall short of its promises to invest at least $460.5 million at the facilities, and to create at least 1,984 new jobs related to its operations at the facilities.

3. There is hereby created a nonreverting fund to be known as the Property Analytics Firm Infrastructure Grant Fund. The Fund shall be established on the books of the Virginia Economic Development Partnership Authority. All funds appropriated to the Fund shall be paid into the Fund and credited to it. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. Moneys in the Fund shall be used solely for the purpose to pay or reimburse the costs of the public infrastructure described in this Item 112, Paragraph S."


(This amendment provides $15.0 million in the second year from the general fund to support infrastructure site improvements for the CoStar economic development expansion project in downtown Richmond. This project has been approved by the MEI Commission.)