2023 Session

Budget Amendments - HB1400 (Member Request)

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Chief Patron: McQuinn
Site Replacement Fund (language only)

Item 4-5.10 #1h

Item 4-5.10 #1h

Special Conditions and Restrictions on Expenditures
Surplus Property Transfers for Economic Development


Page 689, line 5, strike “2.2-1156 (D)” and insert “2.2-1156 (I)”.

Page 689, after line 5, insert:

c.  There is hereby created in the state treasury a special subfund of the Virginia Business Ready Sites Program fund, known as the Site Replacement Fund.  The Site Replacement Fund shall be established on the books of the Comptroller.  Any gifts, donations, grants, bequests, and other funds received on its behalf shall be paid into the state treasury and credited to the Site Replacement Fund.  Interest earned on moneys in the Site Replacement Fund shall remain in the Site Replacement Fund and be credited to it.  In addition, notwithstanding the provisions of the preceding subsection b, for properties subject to a real estate purchase agreement pursuant to which sales proceeds in excess of fair market value, as determined in accordance with such agreements, are divided between the Commonwealth and an Industry Development Authority that is party to the agreement, the sales proceeds received by the Commonwealth in excess of the fair market value shall be deposited to the Site Replacement Fund.  Moneys in the Site Replacement Fund shall be used in accordance with Section 2.2-2240.2:1, Code of Virginia and the guidelines established by the Virginia Economic Development Partnership Authority for the Site Replacement Fund, except that grants from the Site Replacement Fund shall be maintained for and made available only to an Industrial Development Authority created by the locality in which the properties subject to such agreement are located.  Any grant to such Industrial Development Authority shall only be from moneys, and any interest thereon, deposited into the Site Replacement Fund for that local Industrial Development Authority, pursuant to sales of property within the locality that created such Industrial Development Authority.  Moneys remaining in the Site Replacement Fund at the end of each fiscal year, including interest, shall not revert to the general fund, but shall remain in the Site Replacement Fund until the end of the fiscal year following the fifth anniversary of the deposit of such moneys."

Page 689, line 6, strike “c” and insert “d”.

Page 689, line 10, strike “d” and insert “e”.

Page 689, line 12, strike “e” and insert “f”.


(The proposed language provides that funds, over and above the fair market price determined by and retained by the Commonwealth, received from the sale of state property which is subject to joint agreements between the Commonwealth and an Industrial Development Authority, shall be deposited in a new Site Replacement Fund to support additional site and infrastructure development in that locality. Monies in the Fund would be subject to the existing requirements, including local match, of the Virginia Business Ready Sites Program. If funds were not spent by the locality within five years, the proceeds would revert to the general fund.)