2022 Special Session I

Budget Amendments - HB29 (Conference Report)

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MEI Project for CoStar

Item 112 #1c

Item 112 #1c

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 this appropriation, $15,000,000 the second year from the general fund shall be deposited to the Property Analytics Firm Infrastructure Grant 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 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 Grant 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 grants 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, of (i) the aggregate number of new full-time jobs in place in the calendar year that immediately precedes the expected date on which the grant installment is to be paid and (ii) the aggregate amount of the capital investment made as of the last day of the calendar year that immediately precedes the expected date on which the grant installment is to be paid. 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 1 each year reflecting performance in and through the prior calendar year. Failure to meet the filing deadline shall result in a deferral of a scheduled grant installment payment set forth in the terms and conditions between the City, the Company, and the Virginia Economic Development Partnership Authority. For filings by mail, the postmark cancellation shall govern the date of the filing determination.

5. Within 60 days of receiving the application and evidence pursuant to S.4. of this item, the Secretary shall certify to the Comptroller, the Virginia Economic Development Partnership Authority, and the City, the amount of grants to which it is entitled for payment. Payment of such grants shall be made by check issued by the State Treasurer on warrant of the Comptroller within six months succeeding the submission of such timely filed application.

6. As a condition of receipt of the grants, the Company shall make available to the Secretary for inspection, upon request, all documents relevant and applicable to determining whether the qualified company has met the requirements for the receipt of grants as set forth in this paragraph and subject to the memorandum of understanding. All such documents appropriately identified by the Company shall be considered confidential and proprietary."


(This amendment provides $15.0 million from the general fund in fiscal year 2022 to support infrastructure site improvements for the CoStar economic development expansion project in downtown Richmond. This project has been approved by the MEI Commission.)