                                 CODE OF VIRGINIA

VIRGINIA ECONOMIC DEVELOPMENT INCENTIVE GRANTS (§ 2.2-5102.1)

A. Subject to the appropriation by the General Assembly of sufficient moneys to
the Economic Development Incentive Grant subfund, any eligible company that
meets the requirements of this section and is not awarded a grant under &#xA7;
2.2-5101 or 2.2-5102 for the same project shall be eligible to apply for an
economic development incentive grant as provided in this section.

B. The Partnership shall establish an application process by which eligible
companies may apply for a grant under this section. An application for a grant
under this section shall not be approved for payment until the Partnership has
verified that the applicable requirements of the memorandum of agreement have
been satisfied.

C. The amount of the economic development incentive grant that an eligible
company may receive under this section shall be determined at the sole
discretion of the Governor based on the recommendation of the Secretary. The
determination of the appropriate amount for an economic development incentive
grant shall be based on the application of guidelines that establish criteria
for correlating the amount of a grant to the relative value to the Commonwealth
of the new investment and employment.

D. The Partnership shall assist the Secretary in developing objective guidelines
that shall be used in awarding economic development incentive grants. No grant
shall be awarded until the Secretary has provided copies of such guidelines for
review to the chairmen of the House Committee on Appropriations and the Senate
Committee on Finance and Appropriations. The preparation of the guidelines shall
be exempt from the requirements of Article 2 (§ 2.2-4006 et seq.) of the
Administrative Process Act (§ 2.2-4000 et seq.). The guidelines shall require
determinations regarding the amount of investment performance grants to address:

   1. The number of new jobs created by the capital investment;

   2. The wages paid for the new jobs and the amount by which wages exceed the
   average wage for the locality or region;

   3. The amount of the capital investment;

   4. The net present value of benefits to Virginia;

   5. The amount of other incentives offered by the Commonwealth and the
   locality; and

   6. The importance of the facility to the economy of the locality or region.
   				The guidelines shall also address the eligibility of companies that make a
   capital investment in phases over a period of years, and limits on eligibility
   for multiple grants by the same company within stated periods of time.

E. For eligible projects awarded grants prior to July 1, 2010, the aggregate
amount of economic development incentive grants payable under this section in
any fiscal year shall not exceed $6 million, and the aggregate amount of such
grants outstanding that were awarded prior to July 1, 2010, shall not exceed $30
million. For eligible projects awarded grants on or after July 1, 2010, but
before July 1, 2019, the aggregate amount of economic development incentive
grants payable under this section in any fiscal year shall not exceed $6 million
and the aggregate amount of such grants outstanding on or after July 1, 2010,
but before July 1, 2019, shall not exceed $30 million. For eligible projects
awarded grants on or after July 1, 2019, the aggregate amount of economic
development incentive grants payable under this section in any fiscal year shall
not exceed $6 million and the aggregate amount of such grants outstanding on or
after July 1, 2019, shall not exceed $30 million.

F. Any eligible company shall be eligible to receive a grant from the Fund in no
fewer than five installments beginning in the first year after the Partnership
has verified that the requirements applicable to such grant have been satisfied.
All such terms shall be negotiated and set forth in a memorandum of agreement.

G. The Comptroller shall not draw any warrants to issue checks for grants under
this chapter without a specific legislative appropriation as specified in
conditions and restrictions on expenditures in the appropriation act. The
payment of any grant under this section shall be in accordance with the terms
and conditions set forth in a memorandum of agreement between a major eligible
employer and the Commonwealth. These terms and conditions shall supplement the
provisions of this chapter and shall include but not be limited to the terms of
the payment of the grant. The payment of the grant shall be made in full or in
proportion to a major eligible employer&#8217;s fulfillment of the terms of the
memorandum of agreement.

HISTORY: 2005, c. 431; 2007, c. 576; 2010, cc. 735, 768; 2019, c. 32; 2024, cc.
563, 624.