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2000 SESSION

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HB 1474 Regional Economic Development Authority.

Introduced by: Franklin P. Hall | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Virginia Regional Economic Development Authority. Allows two or more localities to create such an authority for the purpose of enhancing the economic base for the member localities by developing, owning, and operating on a cooperative basis one or more development areas for commercial enterprises. An authority shall be a political subdivision of the Commonwealth and its powers shall include the power to sue and be sued in its own name; adopt bylaws, rules and regulations; enter into agreements with any other political subdivision of the Commonwealth for joint or cooperative action; enter into voluntary economic growth-sharing agreements; determine the locations of, develop, establish, construct, operate, regulate, and maintain facilities to the extent necessary or convenient to accomplish the purposes of the authority; acquire, own, hold, lease, use, sell, encumber, transfer, or dispose of, in its own name, any real or personal property or interests therein; enter into contracts of any kind; expend such funds as may be available to it for the purpose of developing facilities; fix and revise from time to time and charge and collect rates, rents, fees, or other charges for the use of facilities or for services rendered in connection with the facilities; borrow money from any source for any valid purpose; issue bonds; receive from participating localities contributions of taxes levied within the district; distribute its revenues according to an agreement among participating localities; and, with the concurrence of the member localities, levy an incremental real property tax for capital investment and special services within the district. This is a recommendation of the Commission on the Condition and Future of Virginia's Cities.


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