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2023 Session

Budget Amendments - HB1400 (Committee Approved)

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Industrial Revitalization Fund

Item 115 #6h

Item 115 #6h

First Year - FY2023 Second Year - FY2024
Commerce and Trade
Department of Housing and Community Development FY2023 $2,000,000 FY2024 $5,000,000 GF

Language
Page 109, line 15, strike "$176,626,786" and insert "$178,626,786".
Page 109, line 16, strike "$187,160,442" and insert "$192,160,442".

Page 111,  line 4, after "H." insert "1."

Page 111, line 4, strike the first "3,000,000" and insert "5,000,000".

Page 111, line 4, strike the secone "3,000,000" and insert "8,000,000".

Page 111, after line 9, insert:

"2. Out of the amounts in this paragraph, $2,000,000 the first year is provided for Charles City County to support the redevelopment and rehabilitation of a site on John Tyler Memorial Highway into a retail and public engagement space to increase visitation to the area. Notwithstanding § 36-155, Code of Virginia, the maximum grant award and local match requirements shall not apply to the amounts provided in this paragraph.

3. Out the amounts in this paragraph, $3,000,000 the second year is provided for the City of Danville to develop property along the Dan River, known as White Mill. The funding provided in this paragraph may be used to establish a recreation and first responder training facility as a part of the overall redevelopment of White Mill, to promote tourism and market driven economic development activity in the city. The department shall require the city to provide a one for two match from non-state sources as certified by the department or a minimum investment of non-state funds of $6,000,000 prior to releasing any of these funds.  Notwithstanding § 36-155, Code of Virginia, the maximum grant award shall not apply to the amounts provided in this paragraph.

4. Out of the amounts in this paragraph, $250,000 the second year is provided for Tappahannock to plan and rebuild a business district to reduce blight caused by major fire damage. Notwithstanding § 36-155, Code of Virginia, local match requirements shall not apply to the amounts provided in this paragraph.

5. Of the amounts in this paragraph, $500,000 the second year is provided for Bedford County to complete a redevelopment plan for the site of a land fuel pipeline and associated fuel storage tanks no longer in operation in Montvale, Virginia. The redevelopment plan shall identify the market driven economic development opportunities the site is well positioned to accommodate and include an evaluation of the sites' potential for rail-centric economic development. The locality awarded these funds shall provide a copy of the redevelopment plan to the department on or before June 30, 2024. Notwithstanding § 36-155, Code of Virginia, local match requirements shall not apply to the amounts provided in this paragraph."



Explanation

(This amendment provides $7.0 million in additional funding for the Industrial Revitalization Fund.)