                                 CODE OF VIRGINIA

POLICIES AND PROCEDURES FOR ALLOCATION OF ENTERPRISE ZONE INCENTIVE GRANTS (§
59.1-549)

A. Qualified business firms and qualified zone investors shall be eligible to
receive enterprise zone incentive grants provided for in this chapter to the
extent that they apply for and are approved for grant allocations through the
Department.

B. If the sum of (i) the total amount of grants for which qualified business
firms are eligible under &#xA7; 59.1-547 plus (ii) the total amount of grants
for which qualified zone investors are eligible under &#xA7; 59.1-548 exceeds
the total annual appropriation for the payment of all grants under this chapter
for the relevant year, then the amount of the grant that each qualified business
firm and qualified zone investor is eligible for shall be prorated in a
proportional manner. The Department shall prioritize allocations to fully fund
the grants under &#xA7; 59.1-547 with any remaining funds to be allocated to
grants under &#xA7; 59.1-548. In such cases, the amount of the grant that each
qualified zone investor is eligible for under &#xA7; 59.1-548 shall be prorated
in a proportional manner based on the funds remaining in the annual
appropriation after full payment of the grants under &#xA7; 59.1-547.

C. Qualified zone businesses and qualified zone investors shall make application
to the Department each year for which they seek eligibility for enterprise zone
incentive grants. Such application is to be in accordance with regulations
promulgated by the Board on forms supplied by the Department and in accordance
with dates specified by the Department.

D. The accuracy and validity of information on qualified real property
investments, permanent full-time positions, wage rates and provision of health
benefits provided in such applications are to be attested to by an independent
certified public accountant licensed in Virginia through an agreed-upon
procedures engagement conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants, using
procedures provided by the Department. Business firms with base year employment
of 100 or fewer permanent full-time positions and that create in a qualification
year 25 or fewer grant eligible positions seeking to qualify for Job Creation
Grants as provided for in &#xA7; 59.1-547 shall be exempt from the attestation
requirement for that qualification year. The permanent full-time positions, wage
rates, and provision of health benefits of such business firms shall be subject
to verification by the Department.

E. Applicants for enterprise zone incentive grants under this chapter must have
the local zone administrator verify that the location of their business or
property is in the enterprise zone using a form supplied by the Department. The
local zone administrator shall make this verification in accordance with dates
specified by the Department.

F. The Department may at any time review qualified zone businesses and qualified
zone investors to assure that information provided in the application process is
accurate.

G. Qualified zone businesses shall maintain all documentation regarding
qualification for enterprise zone job creation grants for at least one year
after the final year of their five-year grant period. Qualified zone investors
shall maintain all documentation regarding qualification for enterprise zone
incentive grants for a minimum of three years following the receipt of any
grant.

H. Enterprise zone incentive grants that do not have adequate documentation
regarding qualified real property investments, permanent full-time positions,
wage rates and provision of health benefits may be subject to repayment by the
qualified zone business or qualified zone investor.

I. Actions of the Department relating to the approval or denial of applications
for enterprise zone incentive grants under this chapter shall be exempt from the
provisions of the Administrative Process Act pursuant to subdivision B 4 of
&#xA7; 2.2-4002.

HISTORY: 2005, cc. 863, 884; 2009, cc. 207, 271; 2010, c. 328; 2011, cc. 202,
320.