                                 CODE OF VIRGINIA

PURPOSE OF CHAPTER (§ 15.2-4901)

It is the intent of the legislature by the passage of this chapter to authorize
the creation of industrial development authorities by the localities in the
Commonwealth so that such authorities may acquire, own, lease, and dispose of
properties and make loans to the end that such authorities may be able to
promote industry and develop trade by inducing manufacturing, industrial,
governmental, nonprofit, and commercial enterprises, and institutions of higher
education to locate in or remain in the Commonwealth and further the use of its
agricultural products and natural resources, and to vest such authorities with
all powers that may be necessary to enable them to accomplish such purposes,
which powers shall be exercised for the benefit of the inhabitants of the
Commonwealth, either through the increase of their commerce, or through the
promotion of their safety, health, welfare, convenience, or prosperity. Such
authority shall not itself be authorized to operate any such manufacturing,
industrial, nonprofit, or commercial enterprise, or any facility of an
institution of higher education.
		It is the further intent of the legislature and shall be the policy of the
Commonwealth to grant to industrial development authorities the powers contained
herein with respect to pollution control facilities to the end that such
authorities may protect and promote the health of the inhabitants of the
Commonwealth and the conservation, protection, and improvement of its natural
resources by exercising such powers for the control or abatement of land, sewer,
water, air, noise, and general environmental pollution derived from the
operation of any industrial or medical facility and to vest such authorities
with all powers that may be necessary to enable them to accomplish such purpose,
which powers shall be exercised for the benefit of the inhabitants of the
Commonwealth, either through the increase of their commerce, or through the
promotion of their safety, health, welfare, convenience, or prosperity.
		It is the further intent of the legislature and shall be the policy of the
Commonwealth to grant to industrial development authorities the powers contained
herein with respect to medical facilities and facilities for the residence or
care of the aged to the end that such authorities may protect and promote the
health and welfare of the inhabitants of the Commonwealth by assisting in the
acquisition, construction, equipping, expansion, enlargement, and improvement of
medical facilities and facilities for the residence or care of the aged in order
to provide modern and efficient medical services to the inhabitants of the
Commonwealth and care of the aged of the Commonwealth in accordance with their
special needs and also by assisting in the refinancing of medical facilities and
facilities for the residence or care of the aged owned and operated by
organizations which are exempt from taxation pursuant to § 501(c)(3) of the
Internal Revenue Code of 1954, as amended, in order to reduce the costs to
residents of the Commonwealth of utilizing such facilities and to vest such
authorities with all powers that may be necessary to enable them to accomplish
such purposes, which powers shall be exercised for the benefit of the
inhabitants of the Commonwealth and for the promotion of their health and
welfare. It is not intended hereby that any such authority shall itself be
authorized to operate any such medical facility or facility for the residence or
care of the aged.
		It is the further intent of the legislature and shall be the policy of the
Commonwealth to grant to industrial development authorities the powers contained
herein with respect to facilities for use by organizations (other than
institutions organized and operated exclusively for religious purposes) which
are described in § 501(c)(3) of the Internal Revenue Code of 1954, as amended,
and which are exempt from federal income taxation pursuant to § 501(a) of the
Internal Revenue Code of 1954, as amended, to the end that such authorities may
protect or promote the safety, health, welfare, convenience, and prosperity of
the inhabitants of the Commonwealth by assisting in the acquisition,
construction, equipping, expansion, enlargement, improvement, financing, and
refinancing of such facilities of the aforesaid entities and organizations in
order to provide operations, recreational, activity centers, and other
facilities for the use of the inhabitants of the Commonwealth and to vest such
authorities with all powers that may be necessary to enable them to accomplish
such purposes, which powers shall be exercised for the benefit of the
inhabitants of the Commonwealth and for the promotion of their safety, health,
welfare, convenience, or prosperity. It is not intended hereby that any such
authority shall itself be authorized to operate any such facility.
		It is the further intent of the legislature and shall be the policy of the
Commonwealth to grant to industrial development authorities the powers contained
herein with respect to facilities for accredited nonprofit private institutions
of higher education in the Commonwealth whose primary purpose is to provide
collegiate or graduate education and not to provide religious training or
theological education to the end that such authorities may protect and promote
the health and welfare of the inhabitants of the Commonwealth by assisting in
the acquisition, construction, equipping, expansion, enlargement, and
improvement of facilities of aforesaid institutions in order to provide improved
educational facilities for the use of the inhabitants of the Commonwealth and to
vest such authorities with all powers that may be necessary to enable them to
accomplish such purposes, which powers shall be exercised for the benefit of the
inhabitants of the Commonwealth and for the promotion of their health, welfare,
convenience, or prosperity. It is not intended hereby that any such authority
shall itself be authorized to operate any such educational facility.
		It is the further intent of the legislature and shall be the policy of the
Commonwealth to grant industrial development authorities the powers contained
herein with respect to facilities for a locality, the Commonwealth and its
agencies, and governmental and nonprofit organizations and to vest such
authorities with all powers that may be necessary to enable them to accomplish
such purposes, which powers shall be exercised for the benefit of the
inhabitants of the Commonwealth and for the promotion of their health, welfare,
convenience, or prosperity.
		It is further the intent of the legislature and shall be the policy of the
Commonwealth to grant to industrial development authorities the powers contained
herein with respect to facilities for museums and historical education,
demonstration, and interpretation, together with any and all buildings,
structures, or other facilities necessary or desirable in connection with the
foregoing, for use by nonprofit organizations in order to promote tourism and
economic development in the Commonwealth, to promote the knowledge of and
appreciation by the citizens of the Commonwealth of the historical and cultural
development and heritage of the Commonwealth and the United States and to
promote thereby their health, welfare, convenience, and prosperity. It is not
intended hereby that any such authority shall itself be authorized to operate
any such facility.
		It is the further intent of the legislature and shall be the policy of the
Commonwealth to grant to industrial development authorities the powers contained
herein with respect to facilities devoted to the staging of equine events and
activities (other than racing) for use by governmental or nonprofit,
nonreligious organizations and operated by such governmental or nonprofit,
nonreligious organizations in order to promote the equine industry and
equine-related activities (other than racing) which are integral to the
Commonwealth&#8217;s economy and heritage and to promote thereby the safety,
health, welfare, convenience, and prosperity of the inhabitants of the
Commonwealth.
		It is the further intent of the legislature and shall be the policy of the
Commonwealth to grant to industrial development authorities the powers contained
herein with respect to acquiring, developing, owning, and operating an
industrial park and any utilities that are intended primarily to serve the park
and to issue bonds for such purposes. The bonds may be secured by revenues
generated by the industrial park or the utilities being financed or by any other
funds of the authority.
		It is the further intent of the legislature and shall be the policy of the
Commonwealth to grant to industrial development authorities created by one or
more municipalities whose housing authorities have not been activated as
provided by §§ 36-4 and 36-4.1, in addition to the powers previously or
hereafter granted in this chapter, the powers contained herein with respect to
facilities used primarily for single or multi-family residences in order to
promote safe and affordable housing in the Commonwealth and to benefit thereby
the safety, health, welfare, and prosperity of the inhabitants of the
Commonwealth. It is not intended hereby that any such authority shall itself be
authorized to operate any such facility or exercise any powers of eminent domain
set forth in § 36-27.
		It is the further intent of the legislature and shall be the policy of the
Commonwealth to grant to industrial development authorities, in addition to the
powers previously or hereafter granted herein, the power to make grants
associated with the construction of affordable housing in order to promote safe
and affordable housing in the Commonwealth and to benefit thereby the safety,
health, welfare, and prosperity of the inhabitants of the Commonwealth.
		It is the further intent of the legislature and shall be the policy of the
Commonwealth to grant industrial development authorities the powers contained
herein with respect to public school buildings and facilities to promote the
safety, health, welfare, convenience, and prosperity of the school children of
the Commonwealth by assisting in the acquisition, construction, equipping,
expansion, enlargement, improvement, financing, and refinancing of such
facilities of school boards in order to provide for the modernization of public
school buildings or facilities pursuant to Article 3 (§ 22.1-141.1 et seq.) of
Chapter 9 of Title 22.1.
		It is the further intent of the legislature and shall be the policy of the
Commonwealth to grant to industrial development authorities the powers contained
herein with respect to facilitating and supporting landowner access to carbon
markets through aggregation of landowners to reach a size that attracts the
investment of private capital. Such aggregation provides landowners of various
size tracts of land enhanced opportunities to access capital and benefits that
support and enhance the agriculture and forest industries for the health,
welfare, convenience and prosperity of the inhabitants of the Commonwealth.
		In any instance in this chapter where an industrial development authority may
issue bonds through its authority to finance, the authority may also refinance
such bonds.
		This chapter shall be liberally construed in conformity with these intentions.

HISTORY: 1966, c. 651, § 15.1-1375; 1972, c. 783; 1975, c. 489; 1977, c. 619;
1978, cc. 276, 526; 1984, c. 700; 1985, c. 317, § 15.1-1392; 1986, c. 473;
1988, c. 211; 1990, c. 312; 1991, c. 6; 1997, cc. 587, 758, 763; 2002, cc. 680,
725; 2005, c. 928; 2012, c. 498; 2019, cc. 546, 818, 819; 2022, c. 489.