                                 CODE OF VIRGINIA

DEFINITIONS (§ 58.1-3245)

As used in this article, unless the context clearly shows otherwise, the term or
phrase:
		&#8220;Base assessed value&#8221; means the assessed value of real estate
within a development project area as shown upon the land book records of the
local assessing officer on January 1 of the year preceding the effective date of
the ordinance creating the development project area.
		&#8220;Blighted area&#8221; means any area within the borders of a development
project area which impairs economic values and tax revenues, causes an increase
in and spread of disease and crime, and is a menace to the health, safety,
morals and welfare of the citizens of the Commonwealth; or any area which
endangers the public health, safety and welfare because commercial, industrial
and residential structures are subject to dilapidation, deterioration,
obsolescence, inadequate ventilation, inadequate public utilities and violations
of minimum health and safety standards; or any area previously designated as a
blighted area pursuant to § 36-48; or any area adjacent to or in the immediate
vicinity thereof which may be improved or enhanced in value by the placement of
a proposed highway construction project.
		&#8220;Current assessed value&#8221; means the annual assessed value of real
estate in a development project area as recorded on the land book records of the
local assessing officer.
		&#8220;Development project area&#8221; means any area designated for
development or redevelopment, including any area designated for a dredging
project other than a dredging project for or by the Virginia Port Authority,
unless the Virginia Port Authority has an agreement with a local governing body
for local financial participation in such a project, in an ordinance passed by
the local governing body.
		&#8220;Development project cost&#8221; has the same meaning as the term
&#8220;cost&#8221; in the Public Finance Act (§ 15.2-2600 et seq.) and, in the
case of blighted areas, includes amounts paid to carry out the purposes
described in § 144(c)(3) of the Internal Revenue Code of 1986, as amended.
		&#8220;Development project cost commitment&#8221; means a determination by the
local governing body of payment of a sum specific of development project costs
from the tax increment and other available funds in a development area.
		&#8220;Governing body&#8221; means the board of supervisors, council or other
legislative body of any county, city or town.
		&#8220;Obligations&#8221; means bonds, general obligation bonds and revenue
bonds as defined in § 15.2-2602 of the Public Finance Act (§ 15.2-2600 et
seq.), and any other form of indebtedness which the county, city or town may
incur.
		&#8220;Tax increment&#8221; means the amount by which the current assessed
value of real estate exceeds the base assessed value.

HISTORY: 1988, c. 776; 1989, c. 418; 1990, c. 296; 1994, c. 667; 2018, c. 120.