2022 Special Session I

Budget Amendments - HB29 (Conference Report)

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MEI Project for Rocket Labs

Item 112 #2c

Item 112 #2c

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 provided to the Virginia Commercial Space Flight Authority  (Virginia Space) for expenses related to the construction of a 20,000 square foot shell building at the Wallops Island Flight Facility. The funding provided in this paragraph shall be used for clearing and grading the site, making necessary infrastructure improvements, and building construction.

2. Disbursement of these funds shall be at the discretion of the Virginia Economic Development Partnership Authority, based upon an agreement between Virginia Space and a guided missile and space vehicle parts manufacturing company (the Company) setting forth the terms and conditions of the distribution to Virginia Space and any expected repayment, should the Company  fall short of their promises to invest at least $103,000,000 and to create at least 246 new jobs that pay an annual wage of at least $76,643 in Virginia. Prior to any expenditures of funds contained in this paragraph, the Virginia Economic Development Partnership Authority and  Virginia Space shall ensure the Company has received the necessary approvals from the National Aeronautics and Space Administration for a Return to Pad landing."


(This amendment provides $15.0 million from the general fund in fiscal year 2022 to support the Rocket Labs economic development project at Wallops Island. This project has been approved by the MEI Commission.)