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2023 Session

Budget Amendments - HB1400 (Committee Approved)

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Relocation of the Washington Commanders to Virginia (language only)

Item 485 #6h

Item 485 #6h

Central Appropriations
Central Appropriations

Language

Page 579, strike lines 19 through 24, and insert:

"O. Out of this appropriation, $500,000 the second year from the general fund is provided for the Secretary of Finance in collaboration with Secretary of Commerce and Trade to develop relevant capabilities, conduct planning, and evaluate potential economic development incentives related to the relocation of the Washington Commanders to the Commonwealth of Virginia.  Any evaluation of economic development incentives shall include the components required by § 30-310, Code of Virginia with a particular focus on the return on investment to the Commonwealth of such relocation. Any proposed financing of the stadium through entitlements to sales taxes or through personal or corporate income tax incentives or modifications shall include a detailed analysis that illustrates the underlying assumptions on the taxable revenue eligible for recapture, total financing required to build the stadium and its surrounding facilities, and debt payment schedules for any debt to be issued by the Virginia Football Stadium Authority for the purposes of constructing the stadium or its surrounding facilities. Notwithstanding any other provision of law, any package of potential incentives, shall be developed in the best interest of Virginia taxpayers. The Secretary in conducting this review shall do so in cooperation with the members of the MEI Project Approval Commission."



Explanation

(This amendment updates study language included in the introduced budget related to the relocation of the Washington Commanders to the Commonwealth of Virginia.)