                                 CODE OF VIRGINIA

ADVANCED PRODUCTION GRANT PROGRAM AND FUND (§ 59.1-284.34)

A. As used in this section:
			&#8220;Capital investment&#8221; means an expenditure by or on behalf of a
qualified company on or after October 1, 2019, in real property, tangible
personal property, or both, at a facility within an eligible county that is
properly chargeable to capital account or would be so chargeable with a proper
election. The purchase or lease of furniture, fixtures, business personal
property, machinery, and equipment, including under an operating lease, and
expected building up-fit and improvements by or on behalf of a qualified company
shall qualify as capital investment.
			&#8220;Eligible county&#8221; means the County of Pittsylvania.
			&#8220;Facility&#8221; means an advanced production and development facility
to be purchased, equipped, improved, and operated by the qualified company in
the eligible county.
			&#8220;Fund&#8221; means the Advanced Production Grant Fund created under
subsection B.
			&#8220;Grants&#8221; means grants from the Advanced Production Grant Fund
awarded to a qualified company in an aggregate amount not to exceed $7.0
million. A qualified company may use the proceeds of the grants for any lawful
purpose.
			&#8220;Memorandum of understanding&#8221; means a performance agreement or
related document entered into on or before August 1, 2020, among a qualified
company, the Commonwealth, and VEDP that sets forth the requirements for capital
investment and the creation of new full-time jobs for the qualified company to
be eligible for grants from the Fund.
			&#8220;New full-time job&#8221; means a job position in which the employee of
the qualified company works at the facility and for which the average annual
wage is at least equal to $34,274, the qualified company provides standard
fringe benefits, and the position requires a minimum of either (i) 35 hours of
an employee&#8217;s time per week for the entire normal year of the qualified
company&#8217;s operations, which &#8220;normal year&#8221; must consist of at
least 48 weeks, or (ii) 1,680 hours per year. Seasonal or temporary positions,
positions created when a job function is shifted from an existing location in
the Commonwealth, and positions with construction contractors, vendors,
suppliers, and similar multiplier or spin-off jobs shall not qualify as new
full-time jobs. The Commonwealth may gauge compliance with the new full-time
jobs requirements for a qualified company by reference to the new payroll
generated by a qualified company, as indicated in a memorandum of understanding.
			&#8220;Qualified company&#8221; means a business transportation manufacturer
and producer, including its affiliates, that engages in the production of
business trucks in the eligible county, that between October 1, 2019, and
December 31, 2027, is expected (i) to make or cause to be made a capital
investment at a facility of at least $57,837,356 and (ii) to create at least 703
new full-time jobs at the facility 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 Advanced Production Grant Fund, referred to in this section as
&#8220;the Fund.&#8221; The Fund shall be established on the books of the
Comptroller. All funds appropriated for 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 for the
purpose to pay grants pursuant to this chapter. 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, 2021,
and ending with the Commonwealth&#8217;s fiscal year starting on July 1, 2026,
unless such time frame is extended in accordance with the memorandum of
understanding. The grants under this section shall be paid to a qualified
company from the Fund, subject to appropriation by the General Assembly, during
each such fiscal year, contingent upon the qualified company&#8217;s meeting the
requirements set forth in the memorandum of understanding for the number of new
full-time jobs created and maintained and the amount of capital investment made
and retained. The first grant installment of $500,000 shall not be awarded until
the qualified company has made a capital investment of at least $40,800,000 and
has created at least 373 new full-time jobs at the facility.

D. The aggregate amount of grants payable under this section shall not exceed
$7.0 million, and grants are expected to be paid in six annual installments,
calculated in accordance with the memorandum of understanding, with the grants
that may be awarded in a particular fiscal year not exceeding the following:

   1. $500,000 for the Commonwealth&#8217;s fiscal year beginning July 1, 2021;

   2. $1,800,000, less the total amount of grants previously awarded pursuant to
   this subsection, for the Commonwealth&#8217;s fiscal year beginning July 1,
   2022;

   3. $3,100,000, less the total amount of grants previously awarded pursuant to
   this subsection, for the Commonwealth&#8217;s fiscal year beginning July 1,
   2023;

   4. $4,400,000, less the total amount of grants previously awarded pursuant to
   this subsection, for the Commonwealth&#8217;s fiscal year beginning July 1,
   2024;

   5. $5,700,000, less the total amount of grants previously awarded pursuant to
   this subsection, for the Commonwealth&#8217;s fiscal year beginning July 1,
   2025; and

   6. $7,000,000, less the total amount of grants previously awarded pursuant to
   this subsection, for the Commonwealth&#8217;s fiscal year beginning July 1,
   2026.

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 calendar year that immediately precedes the
expected date on which the grant installment is to be paid and (ii) the
aggregate amount of the capital investment made as of the last day of the
calendar 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 the memorandum of
understanding by no later than April 1 each year reflecting performance in and
through the prior calendar year. Failure to meet the filing deadline shall
result in a deferral of a scheduled grant installment payment set forth in
subsection D. For filings by mail, the postmark cancellation shall govern the
date of the filing determination.

F. Within 60 days of receiving the 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 grants shall be made by check issued by the State
Treasurer on warrant of the Comptroller by the September 1 succeeding the
submission of such timely filed application. The Comptroller shall not draw any
warrants to issue checks for the grants under this section without a specific
appropriation for the same.

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

HISTORY: 2020, cc. 267, 763, § 59.1-284.33.