                                 CODE OF VIRGINIA

GRANTS AND LOANS (§ 15.2-2417)

Except as otherwise provided in this chapter, money in the Fund shall be used to
make grants or loans to local governments to finance the assembling, planning,
clearing, and remediation of sites for the purpose of promoting such sites to
private developers for redevelopment.
		No grant shall exceed $500,000. Each grant shall be conditioned upon a 100
percent match of funds by the local government. The Board shall develop
guidelines for the administration of the grant program established by this
chapter.
		The Board shall determine the terms and conditions of any loan from the Fund;
however, it is the intent of this chapter that the Board make long-term
no-interest loans to localities to encourage utilization of any available funds.
All loans from the Fund shall be evidenced by appropriate notes of the loan
recipient payable to the Fund. The Director of the Department is authorized to
require in connection with any loan from the Fund any documents, instruments,
certificates, legal opinions or other information he deems necessary or
convenient.

HISTORY: 2000, c. 757.