                                 CODE OF VIRGINIA

DEFINITIONS (§ 59.1-284.35)

A. As used in this section, unless the context requires a different meaning:
			&#8220;Capital investment&#8221; means an expenditure by or on behalf of a
qualified company on or after March 1, 2019, in real property, tangible personal
property, or both, at a facility 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 capital investment.
			&#8220;Eligible county&#8221;  means Rockingham County.
			&#8220;Facility&#8221;  means the building, group of buildings, or corporate
campus, including any related machinery and tools, furniture, fixtures, and
business personal property, that is located at or near a qualified
company&#8217;s existing operations in an eligible county and is owned, leased,
licensed, occupied, or otherwise operated by a qualified company for use in the
administration, management, and operation of its business.
			&#8220;Fund&#8221; means the Pharmaceutical Manufacturing Grant Fund.
			&#8220;Grants&#8221;  means grants from the Fund awarded to a qualified
company in an aggregate not to exceed $7.5 million, intended to be used to pay
or reimburse a qualified company for the costs of workforce recruitment,
development, and training, and for stormwater management. 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 investment 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 the employee
of a qualified company works at a facility, for which the average annual wage is
at least $100,000 and the 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 the 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. &#8220;New
full-time job&#8221; shall not include any existing full-time positions at the
facility as of March 1, 2019. 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 indicated in the memorandum of
understanding.
			&#8220;Qualified company&#8221;  means a company, including its affiliates,
that engages in pharmaceutical manufacturing in an eligible county and that,
between March 1, 2019, and February 28, 2025, is expected to make (i) a capital
investment of at least $1 billion and (ii) create at least 152 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.

HISTORY: 2020, cc. 275, 758, § 59.1-284.33.