                                 CODE OF VIRGINIA

PROMOTION OF DEVELOPMENT OF LOCAL ENTERPRISE ZONES (§ 58.1-3245.7)

It is hereby found and declared that the health, safety, and welfare of the
citizens of the Commonwealth are dependent upon the continual encouragement,
development, growth, and expansion of the private sector within the Commonwealth
and that there are certain areas in the Commonwealth that need the attention of
local governments to attract private sector investment. Local government efforts
to encourage private investment in areas designated by the Governor as
enterprise zones will complement the efforts of the Commonwealth to stimulate
business and industrial growth in such areas. It is essential to the public
interest that governing bodies of counties, cities, and towns have authority to
use tax increments to encourage private investment in local enterprise zones.

HISTORY: 1997, c. 314.