                                 CODE OF VIRGINIA

VIRGINIA BUSINESS READY SITES PROGRAM FUND (§ 2.2-2240.2:1)

A. As used in this section:
			&#8220;Eligible site&#8221; means a site suitable to be marketed for
industrial or commercial economic development purposes, as determined by the
Authority. For a site development grant, an &#8220;eligible site&#8221; shall
meet, or be determined by the Authority to be expected to meet, each of the
following criteria: (i) the site is at least 100 contiguous acres, or it is a
brownfield, as defined in &#xA7; 10.1-1230; (ii) the site has parcels zoned for
industrial or commercial uses; and (iii) the site is publicly owned, or if the
site is under private ownership, there is an option agreement or other
documentation of a commitment by the private owner to a competitive sales price,
to permit access to the site for site assessment, and to market the site for
industrial or commercial economic development purposes. The Authority may
determine a site of at least 50 contiguous acres to be an eligible site if such
site meets the criteria in clauses (ii) and (iii) and such site (a) is located
in Region 1 or 2, (b) is located in a locality or region in which topographic or
environmental factors constrain the availability of viable sites for economic
development, (c) presents a unique economic development opportunity based on
infrastructure, logistics, or other distinguishable features of the site, or (d)
creates an economic development opportunity not currently available in the
regional inventory of economic development sites. The Authority may determine a
site of at least 25 contiguous acres to be an eligible site if such site is
located in a locality with an area of 35 square miles of land area or less. For
a site characterization grant, an &#8220;eligible site&#8221; means any site of
at least 25 acres that is suitable for potential industrial or commercial
development.
			&#8220;Fund&#8221; means the Virginia Business Ready Sites Program Fund
established under subsection B.
			&#8220;Industrial employment&#8221; means total Virginia employment for the
most recent calendar year for which data is available, in the manufacturing
(NAICS 31-33) or warehousing and storage (NAICS 493110) industries, as published
by the U.S. Bureau of Labor Statistics&#8217; Quarterly Census of Employment and
Wages.
			&#8220;Region&#8221; means a region designated by the Virginia Growth and
Opportunity Board under &#xA7; 2.2-2484.
			&#8220;Site characterization grant&#8221; means a grant to ascertain and
designate a site&#8217;s level of development as outlined in the Virginia
Business Ready Sites Program Fund guidelines.
			&#8220;Site development grant&#8221; means a grant to further develop a site
for marketing to economic development projects as outlined in the Virginia
Business Ready Sites Program Fund guidelines.

B. There is hereby created in the state treasury a special nonreverting fund to
be known as the Virginia Business Ready Sites Program Fund. The Fund shall be
established on the books of the Comptroller. All moneys appropriated by the
General Assembly for the Fund, and from any other sources, public or private,
shall be paid into the state treasury and credited to the Fund. Interest earned
on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys
remaining in the Fund, including interest thereon, at the end of each fiscal
year shall not revert to the general fund but shall remain in the Fund.

C. Moneys in the Fund shall be used to provide site characterization grants and
site development grants for eligible sites for the purpose of creating and
maintaining a portfolio of project-ready sites to promote economic development
in all regions of the Commonwealth. Such grants shall be awarded on a
competitive basis in accordance with the procedures of subsection D.

D. 1.  The Governor shall award grants from the Fund only to political
subdivisions of the Commonwealth.

   2. The Authority shall establish guidelines, procedures, and objective
   criteria for the award and distribution of grants from the Fund. The
   preparation of the guidelines shall be exempt from the requirements of Article
   2 (&#xA7; 2.2-4006 et seq.) of the Administrative Process Act.

   3. To qualify to receive a grant from the Fund, a grant recipient shall enter
   into a performance agreement with the Authority that contains, at a minimum,
   provisions for disbursement of the grant, use of the proceeds, reporting, and
   repayment obligations in the event that the recipient fails to meet the terms
   of the performance agreement. Any repayment of grant funds required by such
   performance agreement shall be paid into the state treasury and credited to
   the Fund.

   4. Any grant awarded from the Fund shall require matching funds as described
   in the guidelines established under subdivision 2.

E. The Authority shall report annually by November 1 on grant awards and
expenditures from the Fund. The report shall include total appropriations made
or transferred to the Fund, total grants awarded, total expenditures from the
Fund, cash balances, and balances available for future commitments. The
Authority shall prepare the report required by this subsection in conjunction
with the reports required under &#xA7; 2.2-2237.1.

F. The Auditor of Public Accounts or his authorized representative shall audit
the accounts of the Fund in accordance with generally accepted auditing
standards as determined necessary by the Auditor of Public Accounts. The cost of
such audit services shall be borne by the Fund.

HISTORY: 2022, c. 83; 2024, cc. 378, 379; 2025, c. 179.