                                 CODE OF VIRGINIA

TRUCK MANUFACTURING GRANT FUND (§ 59.1-284.33)

A. As used in this section, unless the context requires a different meaning:
			&#8220;Capital investment&#8221; means an expenditure or an asset transfer
from a site of a qualified company located outside of an eligible county to the
facility, by or on behalf of the qualified company, on or after October 1, 2018,
in real property, tangible personal property, or both, at a facility located in
an eligible county that is properly chargeable to a capital account or would be
so chargeable with a proper election. The purchase or lease of furniture;
fixtures; business personal property; machinery and tools, including under an
operating lease; and expected building expansion and up-fit by or on behalf of a
qualified company shall qualify as a capital investment.
			&#8220;Eligible county&#8221; means the County of Pulaski.
			&#8220;Facility&#8221; means a truck manufacturing facility to be expanded,
equipped, improved, or operated by a qualified company in an eligible county.
			&#8220;Fund&#8221; means the Truck Manufacturing Grant Fund.
			&#8220;Grants&#8221; means grants from the Fund awarded to a qualified
company, in an aggregate not to exceed $16.5 million, intended to be used to pay
or reimburse a qualified company for costs related to construction and
renovation of a facility. A qualified company may use the grant payment for any
lawful purpose.
			&#8220;Memorandum of understanding&#8221; means a performance agreement or
related document entered into on or before August 1, 2020, by a qualified
company, the Commonwealth, and VEDP that sets forth the requirements for capital
investments and the creation of new full-time jobs by a qualified company in
order for a qualified company to be eligible for grants from the Fund.
			&#8220;New full-time job&#8221; means a job position, in which position the
employee of a qualified company works at a facility, for which the average
annual wage is at least equal to the wage required by the memorandum of
understanding, and for which a qualified company provides standard fringe
benefits. Such position shall require a minimum of either (i) 35 hours of an
employee&#8217;s time per week for the entire normal year of a qualified
company&#8217;s operations, which &#8220;normal year&#8221; shall consist of at
least 48 weeks, or (ii) 1,680 hours per year. Seasonal or temporary positions,
and positions created when a job function is shifted from an existing location
in the Commonwealth, shall not qualify as new full-time jobs. Other positions,
including employees of affiliates and certain suppliers, may be considered new
full-time jobs if designated as such in a memorandum of understanding. New
full-time jobs shall be in addition to the baseline of 3,219 full-time employees
at a facility. The Commonwealth may gauge compliance with the new full-time job
requirements for a qualified company by reference to the new payroll generated
by a qualified company, as set forth in a memorandum of understanding.
			&#8220;Qualified company&#8221; means a truck manufacturer, including its
affiliates, that engages in truck manufacturing in an eligible county, that
between October 1, 2018, and September 30, 2029, is expected to (i) make or
cause to be made a capital investment at a facility of at least $397 million,
which shall include at least $93.6 million of investments related to the
construction or renovation of real property at a facility, and (ii) create at
least 777 new full-time jobs related to, or supportive of, its business.
			&#8220;Secretary&#8221; means the Secretary of Commerce and Trade or his
designee.
			&#8220;VEDP&#8221; means the Virginia Economic Development Partnership
Authority.

B. There is hereby created in the state treasury a special nonreverting fund to
be known as the Truck Manufacturing Grant Fund. The Fund shall be established on
the books of the Comptroller. All funds appropriated to the Fund shall be paid
into the state treasury and credited to it. Interest earned on moneys in the
Fund shall remain in the Fund and be credited to it. Any moneys remaining in the
Fund, including interest thereon, at the end of each fiscal year shall not
revert to the general fund but shall remain in the Fund. Moneys in the Fund
shall be used to pay grants pursuant to this section. Expenditures and
disbursements from the Fund shall be made by the State Treasurer on warrants
issued by the Comptroller pursuant to subsection F.

C. A qualified company shall be eligible to receive grants each fiscal year
beginning with the Commonwealth&#8217;s fiscal year starting on July 1, 2020,
and ending with the Commonwealth&#8217;s fiscal year starting on July 1, 2029,
unless such timeframe is extended in accordance with a memorandum of
understanding. Grants paid pursuant to this chapter shall be subject to
appropriation by the General Assembly during each such fiscal year, and
contingent on a qualified company meeting the requirements set forth in this
chapter and the memorandum of understanding for the number of new full-time jobs
created and maintained and the amount of capital investment made related to the
construction or renovation of a facility. The first grant installment of $2
million shall not be awarded until a qualified company has made a capital
investment related to the construction and renovation of a facility of at least
$46.8 million and has retained at least 2,700 full-time positions at the
facility.

D. The aggregate amount of grants payable under this section shall not exceed
$16.5 million. Grants are expected to be paid in 10 annual installments,
calculated in accordance with a memorandum of understanding, with the grants
that may be awarded in a particular fiscal year not to exceed the following:

   1. $2,000,000 for the Commonwealth&#8217;s fiscal year beginning July 1, 2020;

   2. $4,000,000, less the total amount of grants previously awarded pursuant to
   this subsection, for the Commonwealth&#8217;s fiscal year beginning July 1,
   2021;

   3. $4,300,000, less the total amount of grants previously awarded pursuant to
   this subsection, for the Commonwealth&#8217;s fiscal year beginning July 1,
   2022;

   4. $6,042,857, less the total amount of grants previously awarded pursuant to
   this subsection, for the Commonwealth&#8217;s fiscal year beginning July 1,
   2023;

   5. $7,785,714, less the total amount of grants previously awarded pursuant to
   this subsection, for the Commonwealth&#8217;s fiscal year beginning July 1,
   2024;

   6. $9,528,571, less the total amount of grants previously awarded pursuant to
   this subsection, for the Commonwealth&#8217;s fiscal year beginning July 1,
   2025;

   7. $11,271,428, less the total amount of grants previously awarded pursuant to
   this subsection, for the Commonwealth&#8217;s fiscal year beginning July 1,
   2026;

   8. $13,014,285, less the total amount of grants previously awarded pursuant to
   this subsection, for the Commonwealth&#8217;s fiscal year beginning July 1,
   2027;

   9. $14,757,142, less the total amount of grants previously awarded pursuant to
   this subsection, for the Commonwealth&#8217;s fiscal year beginning July 1,
   2028; and

   10. $16,500,000, less the total amount of grants previously awarded pursuant
   to this subsection, for the Commonwealth&#8217;s fiscal year beginning July 1,
   2029.

E. A qualified company applying for a grant installment under this section shall
provide evidence, satisfactory to the Secretary, of (i) the aggregate number of
new full-time jobs in place in the grant year that immediately precedes the
expected date on which the grant installment is to be paid and (ii) the
aggregate amount of capital investment, and the capital investment related to
the construction and renovation of a facility, made as of the last day of the
grant year that immediately precedes the expected date on which the grant
installment is to be paid. The application and evidence shall be filed with the
Secretary in person, by mail, or as otherwise agreed upon in a memorandum of
understanding, by no later than October 31 of each year reflecting performance
in and through the prior grant year. Failure to meet the filing deadline shall
result in a deferral of a scheduled grant installment payment. For filings by
mail, the postmark cancellation shall govern the date of the filing
determination.

F. Within 30 days of receiving an application and evidence pursuant to
subsection E, the Secretary shall certify to the Comptroller and the qualified
company the amount of grants to which such qualified company is entitled for
payment. Payment of such grant shall be made by check issued by the State
Treasurer on warrant of the Comptroller by the end of the calendar year of the
submission of the application and evidence. The Comptroller shall not draw any
warrant to issue checks for grants under this chapter without a specific
appropriation for the same.

G. As a condition of receipt of grants, a qualified company shall make available
to the Secretary for inspection, upon request, of all documents relevant and
applicable to determining whether a qualified company has met the requirements
for receipt of grants as set forth in this chapter and subject to a memorandum
of understanding. All such documents appropriately identified by a qualified
company shall be considered confidential and proprietary.

HISTORY: 2020, cc. 265, 604.