                                 CODE OF VIRGINIA

CREATION OF LOCAL ECONOMIC REVITALIZATION ZONES (§ 15.2-1129.2)

A. Any city or town may establish by ordinance one or more economic
revitalization zones for the purpose of providing incentives to private entities
to purchase real property and interests in real property to assemble parcels
suitable for economic development. Each city or town establishing an economic
revitalization zone may grant incentives and provide regulatory flexibility.
Such zones shall be reasonably compact, shall not encompass the entire city or
town, and shall constitute one or more tax parcels not commonly owned.
Properties that are acquired through the use of eminent domain shall not be
eligible for the incentives and regulatory flexibility provided by the
ordinance.

B. The incentives may include, but not be limited to: (i) reduction of permit
fees, (ii) reduction of user fees, (iii) reduction of any type of gross receipts
tax, and (iv) waiver of tax liens to facilitate the sale of property.

C. Incentives established pursuant to this section may extend for a period of up
to 10 years from the date of initial establishment of the economic
revitalization zone; however, the extent and duration of any incentive shall
conform to the requirements of applicable federal and state law.

D. The regulatory flexibility provided in an economic revitalization zone may
include (i) special zoning for the district, (ii) the use of a special permit
process, (iii) exemption from certain specified ordinances, excluding ordinances
or provisions of ordinances adopted pursuant to the requirements of the
Chesapeake Bay Preservation Act (&#xA7; 62.1-44.15:67 et seq.), the Erosion and
Sediment Control Law (&#xA7; 62.1-44.15:51 et seq.), and the Virginia Stormwater
Management Act (&#xA7; 62.1-44.15:24 et seq.), and (iv) any other incentives
adopted by ordinance, which shall be binding upon the locality for a period of
up to 10 years.

E. The governing body may establish a service district for the provision of
additional public services pursuant to Chapter 24 (&#xA7; 15.2-2400 et seq.) of
Title 15.2.

F. This section shall not authorize any local government powers that are not
expressly granted herein.

G. Prior to adopting or amending any ordinance pursuant to this section, a
locality shall provide for notice and public hearing in accordance with
subsection A of &#xA7; 15.2-2204.

HISTORY: 2007, c. 262; 2013, cc. 756, 793; 2019, c. 721.