2023 Session

Budget Amendments - SB800 (Member Request)

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Chief Patron: Pillion
Support for Construction of a Research Facility at UVA-Wise

Item 113 #3s

Item 113 #3s

First Year - FY2023 Second Year - FY2024
Commerce and Trade
Economic Development Incentive Payments FY2023 $0 FY2024 $45,000,000 GF

Page 100, line 21, strike "$403,577,290" and insert "$448,577,290".

Page 104, after line 44, insert:

"U. Included in the amounts in this item, $45,000,000 the second year from the general fund is provided to the Lonesome Pine Regional Industrial Development Authority for regional economic development initiatives including the construction of facilities and the acquisition of equipment and furniture that support the growth of research companies on the campus of UVA-Wise in Planning District 1. Prior to the release of any funds to the Authority, documentation shall be provided, to the satisfaction of the Secretary of Commerce and Trade and the Secretary of Finance, that a design-build construction method is used for a 60,000 square foot facility through a public-private partnership. Funding shall be released only upon the written approval of the Governor and any funding not awarded by June 30, 2024 shall revert to the general fund."


(This amendment provides $45.0 million GF in FY 2024 to the the Lonesome Pine Regional Industrial Development Authority to construct an estimated 60,000 square foot public-private partnership research facility on the campus of UVA-Wise.)