{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-2760.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-2760.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-2760.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-2760.html"}],"law_id":61078,"edition_id":1,"section_id":61078,"structure_id":15829,"section_number":"2.2-2760","catch_line":"Definitions","history":"2023, c. 779.","full_text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“Authority” means the Virginia Economic Development Partnership Authority.\n\t\t“Commission” means the MEI Project Approval Commission established by \u00a7 30-309.\n\t\t“Department” means the Department of General Services.\n\t\t“Development” means improvements designed to prepare a site for construction or higher use than was possible in the site’s natural state or its state at the time of acquisition.\n\t\t“Due diligence” means undertaking (i) necessary land title, valuation, environmental, engineering, or technical studies; (ii) professional or consulting services related to a site or site selection; or (iii) any other similar activities.\n\t\t“Eligible acquisition site” means a site suitable to be marketed for economic development purposes. An eligible acquisition site shall meet, or be expected to meet, each of the following criteria: (i) the site is at least 500 contiguous acres and (ii) the site presents a significant opportunity for the Commonwealth to attract a large-scale economic development project. An eligible acquisition site need not be zoned for an economic development use to be considered an eligible acquisition site.\n\t\t“Fund” means the Virginia Business Ready Sites Acquisition Fund established by \u00a7 2.2-2762.\n\t\t“Large-scale economic development project” means an economic development project that involves a capital investment of at least $250 million and that creates at least 250 new jobs.\n\t\t“Program” means the Virginia Business Ready Sites Acquisition Program established by \u00a7 2.2-2761.\n\t\t“Project development agreement” means an agreement by which the Authority sells, leases, transfers, or otherwise disposes of an eligible acquisition site to a private employer for a large-scale economic development project. A project development agreement shall require that the new jobs created by the large-scale economic development project pay at least 100 percent of the prevailing wage for the locality in which the project is located.\n\t\t“Region” means the same as that term is defined in \u00a7 2.2-2484.\n\t\t“Site acquisition activities” means the completion of due diligence activities, as well as the purchasing or optioning of an eligible acquisition site for purposes of the Program.\n\t\t“Site development activities” means development of a site. Site development activities include clearing, grading, improving drainage, constructing pads, mitigating environmental concerns, providing road or rail access to the site, securing rights-of-way and easements, extending utilities to the site, and undertaking other similar activities.","order_by":null,"text":{"0":{"id":223310,"text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“Authority” means the Virginia Economic Development Partnership Authority.\n\t\t“Commission” means the MEI Project Approval Commission established by \u00a7 30-309.\n\t\t“Department” means the Department of General Services.\n\t\t“Development” means improvements designed to prepare a site for construction or higher use than was possible in the site’s natural state or its state at the time of acquisition.\n\t\t“Due diligence” means undertaking (i) necessary land title, valuation, environmental, engineering, or technical studies; (ii) professional or consulting services related to a site or site selection; or (iii) any other similar activities.\n\t\t“Eligible acquisition site” means a site suitable to be marketed for economic development purposes. An eligible acquisition site shall meet, or be expected to meet, each of the following criteria: (i) the site is at least 500 contiguous acres and (ii) the site presents a significant opportunity for the Commonwealth to attract a large-scale economic development project. An eligible acquisition site need not be zoned for an economic development use to be considered an eligible acquisition site.\n\t\t“Fund” means the Virginia Business Ready Sites Acquisition Fund established by \u00a7 2.2-2762.\n\t\t“Large-scale economic development project” means an economic development project that involves a capital investment of at least $250 million and that creates at least 250 new jobs.\n\t\t“Program” means the Virginia Business Ready Sites Acquisition Program established by \u00a7 2.2-2761.\n\t\t“Project development agreement” means an agreement by which the Authority sells, leases, transfers, or otherwise disposes of an eligible acquisition site to a private employer for a large-scale economic development project. A project development agreement shall require that the new jobs created by the large-scale economic development project pay at least 100 percent of the prevailing wage for the locality in which the project is located.\n\t\t“Region” means the same as that term is defined in \u00a7 2.2-2484.\n\t\t“Site acquisition activities” means the completion of due diligence activities, as well as the purchasing or optioning of an eligible acquisition site for purposes of the Program.\n\t\t“Site development activities” means development of a site. Site development activities include clearing, grading, improving drainage, constructing pads, mitigating environmental concerns, providing road or rail access to the site, securing rights-of-way and easements, extending utilities to the site, and undertaking other similar activities.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":15829,"edition_id":1,"name":"Virginia Business Ready Sites Acquisition Fund and Program","identifier":"27.2","label":"chapter","depth":4,"order_by":1,"parent_id":12785,"metadata":{},"date_created":"2026-06-26 04:00:15","date_modified":"2026-06-26 04:00:15","permalink":{"id":175711,"object_type":"structure","relational_id":15829,"identifier":"27.2","token":"2.2\/I\/D\/27.2","url":"\/2.2\/I\/D\/27.2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12785,"edition_id":1,"name":"State Authorities, Boards, Commissions, Councils, Foundations and Other Collegial Bodies","identifier":"D","label":"part","depth":3,"order_by":1,"parent_id":12784,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":173913,"object_type":"structure","relational_id":12785,"identifier":"D","token":"2.2\/I\/D","url":"\/2.2\/I\/D\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12784,"edition_id":1,"name":"Organization of State Government","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12749,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":171455,"object_type":"structure","relational_id":12784,"identifier":"I","token":"2.2\/I","url":"\/2.2\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12749,"edition_id":1,"name":"Administration of Government","identifier":"2.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":171453,"object_type":"structure","relational_id":12749,"identifier":"2.2","token":"2.2","url":"\/2.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":61078,"structure_id":15829,"section_number":"2.2-2760","catch_line":"Definitions","url":"\/2.2-2760\/","token":"2.2\/I\/D\/27.2\/2.2-2760","metadata":false},{"id":73377,"structure_id":15829,"section_number":"2.2-2761","catch_line":"Virginia Business Ready Sites Acquisition Program","url":"\/2.2-2761\/","token":"2.2\/I\/D\/27.2\/2.2-2761","metadata":false},{"id":74183,"structure_id":15829,"section_number":"2.2-2762","catch_line":"Virginia Business Ready Sites Acquisition Fund","url":"\/2.2-2762\/","token":"2.2\/I\/D\/27.2\/2.2-2762","metadata":false},{"id":84105,"structure_id":15829,"section_number":"2.2-2763","catch_line":"Objective of the Program","url":"\/2.2-2763\/","token":"2.2\/I\/D\/27.2\/2.2-2763","metadata":false},{"id":71857,"structure_id":15829,"section_number":"2.2-2764","catch_line":"Review by MEI Commission","url":"\/2.2-2764\/","token":"2.2\/I\/D\/27.2\/2.2-2764","metadata":false}],"next_section":{"id":73377,"structure_id":15829,"section_number":"2.2-2761","catch_line":"Virginia Business Ready Sites Acquisition Program","url":"\/2.2-2761\/","token":"2.2\/I\/D\/27.2\/2.2-2761","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-2760\/","history_text":"

This law was first created in 2023. The record of its establishment is cataloged in chapter 779<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":74183,"section_number":"2.2-2762","catch_line":"Virginia Business Ready Sites Acquisition Fund","order_by":null,"url":"\/2.2-2762\/"}],"refers_to":[{"id":55162,"section_number":"2.2-2484","catch_line":"Definitions","order_by":null,"url":"\/2.2-2484\/"},{"id":73377,"section_number":"2.2-2761","catch_line":"Virginia Business Ready Sites Acquisition Program","order_by":null,"url":"\/2.2-2761\/"},{"id":74183,"section_number":"2.2-2762","catch_line":"Virginia Business Ready Sites Acquisition Fund","order_by":null,"url":"\/2.2-2762\/"},{"id":54670,"section_number":"30-309","catch_line":"MEI Project Approval Commission; membership; terms; compensation and expenses; definition","order_by":null,"url":"\/30-309\/"}],"permalink":{"id":175713,"object_type":"law","relational_id":61078,"identifier":"2.2-2760","token":"2.2\/I\/D\/27.2\/2.2-2760","url":"\/2.2-2760\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-2760\/","token":"2.2\/I\/D\/27.2\/2.2-2760","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2760","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this chapter, unless the context requires a different meaning:\n\t\t“Authority<\/span>” means the Virginia Economic Development Partnership Authority<\/span>.\n\t\t“Commission<\/span>” means the MEI Project Approval Commission<\/span> established by \u00a7 30-309<\/a>.\n\t\t“Department<\/span>” means the Department<\/span> of General Services.\n\t\t“Development” means improvements designed to prepare a site for construction or higher use than was possible in the site’s natural state or its state at the time of acquisition.\n\t\t“Due diligence<\/span>” means undertaking (i) necessary land title, valuation, environmental, engineering, or technical studies; (ii) professional or consulting services related to a site or site selection; or (iii) any other similar activities.\n\t\t“Eligible acquisition site<\/span>” means a site suitable to be marketed for economic development purposes. An eligible acquisition site<\/span> shall meet, or be expected to meet, each of the following criteria: (i) the site is at least 500 contiguous acres and (ii) the site presents a significant opportunity for the Commonwealth to attract a large-scale economic development project<\/span>. An eligible acquisition site<\/span> need not be zoned for an economic development use to be considered an eligible acquisition site<\/span>.\n\t\t“Fund<\/span>” means the Virginia Business Ready Sites Acquisition Fund<\/span> established by \u00a7 2.2-2762<\/a>.\n\t\t“Large-scale economic development project<\/span>” means an economic development project that involves a capital investment of at least $250 million and that creates at least 250 new jobs.\n\t\t“Program<\/span>” means the Virginia Business Ready Sites Acquisition Program<\/span> established by \u00a7 2.2-2761<\/a>.\n\t\t“Project development agreement<\/span>” means an agreement by which the Authority<\/span> sells, leases, transfers, or otherwise disposes of an eligible acquisition site<\/span> to a private employer for a large-scale economic development project<\/span>. A project development agreement<\/span> shall require that the new jobs created by the large-scale economic development project<\/span> pay at least 100 percent of the prevailing wage for the locality in which the project is located.\n\t\t“Region<\/span>” means the same as that term is defined in \u00a7 2.2-2484<\/a>.\n\t\t“Site acquisition activities<\/span>” means the completion of due diligence<\/span> activities, as well as the purchasing or optioning of an eligible acquisition site<\/span> for purposes of the Program<\/span>.\n\t\t“Site development activities<\/span>” means development of a site. Site development activities<\/span> include clearing, grading, improving drainage, constructing pads, mitigating environmental concerns, providing road or rail access to the site, securing rights-of-way and easements, extending utilities to the site, and undertaking other similar activities.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 2.2-2760)\n\nAs used in this chapter, unless the context requires a different meaning:\n\t\t“Authority” means the Virginia Economic Development Partnership\nAuthority.\n\t\t“Commission” means the MEI Project Approval Commission established\nby \u00a7 30-309.\n\t\t“Department” means the Department of General Services.\n\t\t“Development” means improvements designed to prepare a site for\nconstruction or higher use than was possible in the site’s natural state\nor its state at the time of acquisition.\n\t\t“Due diligence” means undertaking (i) necessary land title,\nvaluation, environmental, engineering, or technical studies; (ii) professional\nor consulting services related to a site or site selection; or (iii) any other\nsimilar activities.\n\t\t“Eligible acquisition site” means a site suitable to be marketed\nfor economic development purposes. An eligible acquisition site shall meet, or\nbe expected to meet, each of the following criteria: (i) the site is at least\n500 contiguous acres and (ii) the site presents a significant opportunity for\nthe Commonwealth to attract a large-scale economic development project. An\neligible acquisition site need not be zoned for an economic development use to\nbe considered an eligible acquisition site.\n\t\t“Fund” means the Virginia Business Ready Sites Acquisition Fund\nestablished by \u00a7 2.2-2762.\n\t\t“Large-scale economic development project” means an economic\ndevelopment project that involves a capital investment of at least $250 million\nand that creates at least 250 new jobs.\n\t\t“Program” means the Virginia Business Ready Sites Acquisition\nProgram established by \u00a7 2.2-2761.\n\t\t“Project development agreement” means an agreement by which the\nAuthority sells, leases, transfers, or otherwise disposes of an eligible\nacquisition site to a private employer for a large-scale economic development\nproject. A project development agreement shall require that the new jobs created\nby the large-scale economic development project pay at least 100 percent of the\nprevailing wage for the locality in which the project is located.\n\t\t“Region” means the same as that term is defined in \u00a7 2.2-2484.\n\t\t“Site acquisition activities” means the completion of due\ndiligence activities, as well as the purchasing or optioning of an eligible\nacquisition site for purposes of the Program.\n\t\t“Site development activities” means development of a site. Site\ndevelopment activities include clearing, grading, improving drainage,\nconstructing pads, mitigating environmental concerns, providing road or rail\naccess to the site, securing rights-of-way and easements, extending utilities to\nthe site, and undertaking other similar activities.\n\nHISTORY: 2023, c. 779.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}