                                 CODE OF VIRGINIA

PERFORMANCE GRANT FOR MAJOR ELIGIBLE MANUFACTURERS (§ 2.2-5102)

A. As used in this section, &#8220;major eligible employer&#8221; means any
eligible manufacturer or other nonmanufacturing basic employer that makes a
capital investment of at least $100 million that results in the creation of at
least 1,000 new jobs. For corporate headquarters and other basic employers that
make a capital investment of at least $100 million and create at least 400 new
jobs paying at least twice the prevailing average wage for the area, the 1,000
job requirement may be reduced in proportion to the factor by which the wages
for the new jobs exceed the prevailing average wage for the area. All other
provisions of this chapter shall apply equally to major eligible manufacturers
and major eligible nonmanufacturing basic employers, in this chapter
collectively referred to as &#8220;major eligible employers.&#8221;

B. Subject to the appropriation by the General Assembly of sufficient moneys to
the Major Eligible Employer Grant subfund, any major eligible employer shall be
eligible for a grant under this section of up to $25 million, to be payable from
such subfund over a period of not less than five years and not more than seven
years, commencing in the third year following the approval by the Secretary of
the employer&#8217;s grant application.

C. The Partnership shall establish an application process by which major
eligible employers may apply for a grant under this section. An application for
a grant under this section shall not be approved until the Partnership has
verified that the capital investment has been completed.

D. 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 understanding 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 understanding. The Secretary shall consult with the
House Committee on Appropriations and the Senate Committee on Finance and
Appropriations prior to entering into any memorandum of understanding. The House
Committee on Appropriations and the Senate Committee on Finance and
Appropriations shall have the opportunity to review any memorandum of
understanding prior to its execution by the Commonwealth.

HISTORY: 1999, cc. 875, 961, § 2.1-548.43:4; 2000, c. 571; 2001, c. 844; 2003,
c. 17; 2015, c. 761.