                                 CODE OF VIRGINIA

CREATION AND MANAGEMENT OF THE URBAN PUBLIC-PRIVATE PARTNERSHIP REDEVELOPMENT
FUND (§ 15.2-2415)

There is hereby established in the state treasury a permanent and perpetual fund
to be known as the Urban Public-Private Partnership Redevelopment Fund. The Fund
shall consist of sums appropriated to the Fund by the General Assembly; sums
which may be allocated to the Commonwealth for this purpose by the United States
government; all interest earned on moneys in the Fund; and any other sums
designated for deposit to the Fund from any source, public or private. The Fund
is created to address the serious problem of a lack of developable land in urban
areas of the Commonwealth and the high cost of redeveloping such land. The Fund
shall make grants or loans to local governments for assembling, planning,
clearing, and remediating sites for the purpose of promoting such sites to
private developers for redevelopment.
		The Fund shall be administered and managed by the Department as prescribed in
this chapter. The Department may disburse from the Fund reasonable costs and
expenses incurred in administration and management of the Fund.

HISTORY: 2000, c. 757.