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2025 Session

Budget Amendments - HB1600 (Member Request)

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Chief Patron: Hayes
Support Portsmouth's Innovation District

Item 103 #5h

Item 103 #5h

First Year - FY2025 Second Year - FY2026
Commerce and Trade
Department of Housing and Community Development FY2025 $0 FY2026 $2,000,000 GF

Language
Page 111, line 49, strike "$81,477,325" and insert "$83,477,325".

Page 113, line 36, strike "$5,000,000" and insert "$7,000,000".

Page 114, after line 13, insert:

"5. Out of the amounts in this paragraph, $2,000,000 the second year is provided for the City of Portsmouth to support the development of an Innovation District. Notwithstanding § 36-155, Code of Virginia, the maximum grant award and local match requirements shall not apply to the amounts provided in this paragraph."



Explanation

(This amendment directs an additional $2.0 million from the Industrial Revitalization Fund to the City of Portsmouth to develop an Innovation District.)