                                 CODE OF VIRGINIA

DEFINITIONS (§ 2.2-2760)

As used in this chapter, unless the context requires a different meaning:
		&#8220;Authority&#8221; means the Virginia Economic Development Partnership
Authority.
		&#8220;Commission&#8221; means the MEI Project Approval Commission established
by § 30-309.
		&#8220;Department&#8221; means the Department of General Services.
		&#8220;Development&#8221; means improvements designed to prepare a site for
construction or higher use than was possible in the site&#8217;s natural state
or its state at the time of acquisition.
		&#8220;Due diligence&#8221; means undertaking (i) necessary land title,
valuation, environmental, engineering, or technical studies; (ii) professional
or consulting services related to a site or site selection; or (iii) any other
similar activities.
		&#8220;Eligible acquisition site&#8221; means a site suitable to be marketed
for economic development purposes. An eligible acquisition site shall meet, or
be expected to meet, each of the following criteria: (i) the site is at least
500 contiguous acres and (ii) the site presents a significant opportunity for
the Commonwealth to attract a large-scale economic development project. An
eligible acquisition site need not be zoned for an economic development use to
be considered an eligible acquisition site.
		&#8220;Fund&#8221; means the Virginia Business Ready Sites Acquisition Fund
established by § 2.2-2762.
		&#8220;Large-scale economic development project&#8221; means an economic
development project that involves a capital investment of at least $250 million
and that creates at least 250 new jobs.
		&#8220;Program&#8221; means the Virginia Business Ready Sites Acquisition
Program established by § 2.2-2761.
		&#8220;Project development agreement&#8221; means an agreement by which the
Authority sells, leases, transfers, or otherwise disposes of an eligible
acquisition site to a private employer for a large-scale economic development
project. A project development agreement shall require that the new jobs created
by the large-scale economic development project pay at least 100 percent of the
prevailing wage for the locality in which the project is located.
		&#8220;Region&#8221; means the same as that term is defined in § 2.2-2484.
		&#8220;Site acquisition activities&#8221; means the completion of due
diligence activities, as well as the purchasing or optioning of an eligible
acquisition site for purposes of the Program.
		&#8220;Site development activities&#8221; means development of a site. Site
development activities include clearing, grading, improving drainage,
constructing pads, mitigating environmental concerns, providing road or rail
access to the site, securing rights-of-way and easements, extending utilities to
the site, and undertaking other similar activities.

HISTORY: 2023, c. 779.