§ 58.1-3245 Definitions
As used in this article, unless the context clearly shows otherwise, the term or phrase: “Base assessed value” means the assessed value of real estate within a development project area as shown upon the land book records of the local assessing officer on January 1 of the year preceding the effective date of the ordinance creating the development project area. “Blighted area” means any area within the borders of a development project area which impairs economic values and tax revenues, causes an increase in and spread of disease and crime, and is a menace to the health, safety, morals and welfare of the citizens of the Commonwealth; or any area which endangers the public health, safety and welfare because commercial, industrial and residential structures are subject to dilapidation, deterioration, obsolescence, inadequate ventilation, inadequate public utilities and violations of minimum health and safety standards; or any area previously designated as a blighted area pursuant to § 36-48; or any area adjacent to or in the immediate vicinity thereof which may be improved or enhanced in value by the placement of a proposed highway construction project. “Current assessed value” means the annual assessed value of real estate in a development project area as recorded on the land book records of the local assessing officer. “Development project area” means any area designated for development or redevelopment, including any area designated for a dredging project other than a dredging project for or by the Virginia Port Authority, unless the Virginia Port Authority has an agreement with a local governing body for local financial participation in such a project, in an ordinance passed by the local governing body. “Development project cost” has the same meaning as the term “cost” in the Public Finance Act (§ 15.2-2600 et seq.) and, in the case of blighted areas, includes amounts paid to carry out the purposes described in § 144(c)(3) of the Internal Revenue Code of 1986, as amended. “Development project cost commitment” means a determination by the local governing body of payment of a sum specific of development project costs from the tax increment and other available funds in a development area. “Governing body” means the board of supervisors, council or other legislative body of any county, city or town. “Obligations” means bonds, general obligation bonds and revenue bonds as defined in § 15.2-2602 of the Public Finance Act (§ 15.2-2600 et seq.), and any other form of indebtedness which the county, city or town may incur. “Tax increment” means the amount by which the current assessed value of real estate exceeds the base assessed value.
History
This law was first created in 1988. The record of its establishment is cataloged in chapter 776 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1988 “Acts” aren’t available online. It has been modified 4 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1989, chapter 418; in 1990, chapter 296; in 1994, chapter 667; in 2018, chapter 120.
1988, c. 776; 1989, c. 418; 1990, c. 296; 1994, c. 667; 2018, c. 120.