Amendment 1: Make technical changes to General Fund resources
Item 0
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Revenues
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Revenues
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Language
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Language:
Page 1, Line 33, strike “($2,375,994,370)” and insert
“($2,370,994,370)”.
Page 1, Line 33, strike “($3,654,574,703)” and insert “($3,649,574,703)”.
Page 1, Line 35, strike “$26,976,800,000” and insert
“$26,998,300,000”.
Page 1, Line 35, strike “$49,297,632,509” and insert
“$49,319,132,509”.
Page 1, Line 41, strike “$29,236,918,341” and insert
“$29,263,418,341”.
Page 1, Line 41, strike “$53,848,756,471” and insert
“$53,875,256,471”.
Page 2, Line 10, strike “$85,067,104,376” and insert
“$85,093,604,376”.
Page 2, Line 10, strike “$161,310,451,554” and insert
“$161,336,951,554”.
Explanation:
(This
amendment makes technical changes to general fund resources as follows: $21.5
million increase in revenue to reflect a correction in the amounts
assumed under federal tax conformity related to the charitable contribution
deduction for non-itemizers;
and $5 million increase in Additions to Balance from the update of sum
sufficient amounts reserved for previous disaster declarations. These technical
adjustments result in a $26.5 million increase in General Fund resources in FY
2022.)
Amendment 2: Provide clarifying language concerning the CoStar MEI Project
Item 112
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Commerce and Trade
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Economic Development Incentive Payments
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Language
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Language:
Page 47, strike lines 40 through 55
Page 48, strike lines 1 through 28 and insert:
“S.1. Out of this appropriation, $15,000,000 the second
year from the general fund shall be deposited to the Property Analytics Firm
Infrastructure Fund for expenses related to public infrastructure improvements,
including commuter access and parking, pedestrian access, roadway and traffic
improvements, safety enhancements, site preparation and utilities in the City
of Richmond (the City). 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 based upon an
agreement (the Agreement) between the City, the Company and the Virginia
Economic Development Partnership Authority setting forth the terms and conditions
of the distribution of funds to the City and any expected repayment should the
Company fall short of its promises to invest at least $460,500,000 at the
facilities, and to create at least 1,984 new jobs that pay an average annual
wage of at least $85,000 related to its operations at the facilities.
3. There is hereby created a nonreverting fund to be
known as the Property Analytics Firm Infrastructure Fund. The Fund shall be
established on the books of the Comptroller. 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 for the purpose to pay or reimburse the costs of the public
infrastructure improvements pursuant to paragraph S.1. of this item.
Expenditures and disbursements from the Fund shall be made by the State
Treasurer on warrants issued by the Comptroller pursuant to paragraph S.5. of
this item.
4. The Company shall provide evidence, satisfactory to
the Secretary of Commerce and Trade, annually of (i) the aggregate number of
new full-time jobs in place as of the last day of each calendar year and (ii)
the aggregate amount of the capital investment made as of the last day of each
calendar year. The application and evidence shall be filed with the Secretary
in person, by mail, or as otherwise agreed upon in the memorandum of
understanding by no later than April l each year reflecting performance in and
through the prior calendar year. The Virginia Economic Development Partnership
Authority will use this information to calculate the extent to which the
Company may owe a repayment of the funds expended from the Fund, should there be
a shortfall from the targeted capital investment or new jobs required by
paragraph S.2. Any required repayment of funds should be deposited into the
general fund.
5. Disbursement of moneys from the Fund shall be at the
request of the Secretary of Commerce and Trade and the Virginia Economic
Development Partnership Authority, based upon arrangements with the City and
the Company in the Agreement.
6. The Company shall make available to the Secretary of
Commerce and Trade for inspection, upon request, all documents relevant and
applicable to determining compliance with the terms and conditions of the
Agreement. All such documents appropriately identified by the Company shall be
considered confidential and proprietary."
Explanation:
(This amendment clarifies the reimbursement structure of the
infrastructure investments for the CoStar economic development expansion
project, in the City of Richmond, and requires the company to repay a portion
of the investment should they fail to reach their performance commitments to
the state.)
Amendment 3: Clarify average annual wage for Blue Star MEI Project
Item 112
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Commerce and Trade
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Economic Development Incentive Payments
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Language
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Language:
Page 47, line 38, after ‘an’, insert “average”
(This amendment clarifies that the jobs associated with the
Blue Star project will pay an “average” annual wage of $37,321, in accordance
with the MOU.)