2022 Session

Budget Amendments - HB30 (Committee Approved)

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Virginia Business Ready Site Funding

Item 113 #7h

Item 113 #7h

First Year - FY2023 Second Year - FY2024
Commerce and Trade
Economic Development Incentive Payments FY2023 $20,000,000 FY2024 $5,562,500 GF

Page 93, line 24, strike "$99,583,083" and insert "$119,583,083".
Page 93, line 24, strike "$100,697,290" and insert "$106,259,790".

Page 95, after line 47, insert:

"P.1. Out of the appropriation in this item, $20,000,000 the first year, and $5,562,500 the second year from the general fund shall be provided to the Virginia Economic Development Partnership Authority (the Authority) for grants to eligible political subdivisions for the purpose of creating and maintaining a portfolio of project-ready sites to promote economic development. Of these amounts, the Authority shall award projects on a competitive basis to existing economic development sites in Virginia over 200 acres with at least a Tier 4 rating as identified by the Authority's 2019 site characterization study with priority given to large economic development sites with at least 1,000 acres of land that currently have inadequate infrastructure for large scale economic development projects. Notwithstanding the provisions of this paragraph, the Authority may award funds provided by this paragraph to a properly zoned site in coastal Virginia with a Tier 1 rating that has at least 3,000 acres of land. Any funding remaining at the end of the fiscal year shall not revert to the general fund and be carried forward into the next fiscal year.

2. The Authority shall include a summary of (i) grant awards and expenditures made from the funds provided in this paragraph, (ii) grant project time schedules, (iii) any site re-characterization that has occurred as a result of any investment in an economic development site, (iv) economic development projects won as a result of these investments including direct jobs and capital investment, and (v) economic development projects lost as a result of an inadequate supply of project ready sites in its annual operating plan required by § 2.2-2237.1, Code of Virginia.

3. The Director of the Department of Planning and Budget shall transfer the funds provided in this paragraph to the Authority upon the receipt of documentation that indicates Authority's intended use of the funds provided in this paragraph. Such documentation shall include planned individual project investments in economic development sites.

4. From the amounts provided in this paragraph the Authority may use up to $650,000 in each fiscal year to administer the Virginia Business Ready Sites Program."


(This amendment is part of a series of amendments that transfers the Virginia Business Ready Sites Program from the Virginia Economic Development Partnership Authority to Economic Development Incentive Payments. The amendment adds $14.4 million for economic development sites to existing resources in fiscal year 2023.)