The Virginia Economic Development Partnership shall conduct a program with each Phase I and Phase II Utility, as those terms are defined in subsection A of § 56-585, in each such utility’s service territory or transmission zone for the purpose of promoting economic development in areas of the Commonwealth. The program shall allow any such utility to complete the construction phase of a transmission line and any associated substation and other associated facilities to provide electric transmission and distribution infrastructure to a business park, as defined in § 56-576, located within the utility’s transmission zone where investments by a locality or an industrial development authority or a similar political subdivision of the Commonwealth created pursuant to § 15.2-4903 or other act of the General Assembly in the siting, environmental review, pre-engineering design, and transmission right-of-way acquisition have been made prior to the public announcement of a prospective occupant of the business park. Each program shall be subject to the following terms, conditions, and restrictions:
1. The costs incurred by a Phase I or Phase II Utility after January 1, 2019, to construct, operate, and maintain the business park electric infrastructure in order to provide service to a business park participating in the program outlined by this section shall be recovered by the utility pursuant to a rate adjustment clause approved by the Commission in subdivision A 4 of § 56-585.1.
2. Each individual qualifying project shall be less than 10 miles in length.
3. The role of the Virginia Economic Development Partnership in conducting the program outlined by this section is to certify that up to two petitions per year for each Phase I and Phase II utility address the eligibility criteria for participation in the program set forth in § 56-576 and in this section.
4. For construction of business park electric infrastructure, a utility shall either (i) obtain a certificate from the Commission pursuant to subdivision A 1 of § 56-265.2, unless such infrastructure is an ordinary extension or improvement in the usual course of business or (ii) obtain approval pursuant to the requirements of § 15.2-2232 and any applicable zoning ordinances by the locality or localities in which the business park electric infrastructure will be located. If the utility seeks a certificate pursuant to subdivision A 1 of § 56-265.2, the Commission shall issue its decision on the expedited certificate application no later than six months from the date of filing. The need for any business park electric infrastructure shall be satisfied if the business park to be served is approved for the program by the Virginia Economic Development Partnership.