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2000 SESSION

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SB 573 Maritime Investment Act; created.

Introduced by: Edward L. Schrock | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Economic development; Virginia Maritime Investment Act. Establishes a grant program to be paid, subject to appropriation, from the Virginia Maritime Investment Partnership Grant Fund. The program provides grants to eligible ship repair companies making a capital investment of at least $50,000. Eligible ship repair companies are companies that have continuously been repairing ships in Virginia for at least five years. The capital investment must increase the productivity of the ship repair company or result in the utilization of a more advanced technology by such company, or both. The Secretary of Commerce and Trade shall determine whether or not a grant is to be awarded to eligible ship repair companies based on guidelines establishing criteria for the awarding of a grant and based on recommendations of the Virginia Economic Development Partnership. In cases where a grant is awarded, the grant shall equal ten percent of the cost of the capital investment. The guidelines for the awarding of a grant shall be reviewed by the chairmen of the House Appropriations and Senate Finance Committees before the Secretary of Commerce and Trade may award any grant. These guidelines must take into account the number of new jobs created, wages, the amount of the investment, the present net value of paid benefits to Virginia, and other factors. The amount of a grant any eligible ship repair company is eligible for shall not exceed $25 million in aggregate. The Secretary of Commerce and Trade can approve up to $20 million in grants in any one fiscal year. The aggregate amount of grants outstanding at any one time, however, may not exceed $80 million. The Commonwealth's annual obligation for grants to an individual ship repair company shall not exceed $750,000. The grants will be payable in five equal installments beginning in the second year after the capital investment is completed and verified as such by the Virginia Economic Development Partnership.


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