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2003 SESSION
033480644Be it enacted by the General Assembly of Virginia:
1. That § 59.1-274 of the Code of Virginia is amended and reenacted as follows:
§ 59.1-274. Enterprise zone designation.
A. The governing body of any county, city or town may make written application to the Department to have an area or areas declared to be an enterprise zone. Such application shall include a description of the location of the area or areas in question, and a general statement identifying proposed local incentives to complement the state and any federal incentives. Two or more adjacent jurisdictions may file a joint application for an enterprise zone lying in the jurisdictions submitting the application.
B. The Governor may approve upon the recommendation of the Director of the
Department the designation of up to sixty 60 areas, of which five 5 shall be
designated as provided in subsection C and five shall be designated as provided in
subsection D, as enterprise zones for a period of twenty years. Any
county, city, or town shall be eligible to apply for more than one 1 enterprise
zone designation; however, each county, city, and town shall be limited to a total
of three 3 enterprise zones. One enterprise zone in any county, city or
town may consist of two 2 noncontiguous zone areas; however, a joint enterprise
zone may consist of the joint zone area and one additional noncontiguous zone area in each of the
adjacent jurisdictions that submitted the application for the joint enterprise zone. The size of the
enterprise zone shall consist of the total of the noncontiguous zone areas. The
noncontiguous zone areas shall not be considered as separate zones for the
purpose of calculating the maximum number of zone designations established by
this chapter. Any such area shall consist of contiguous United States census
tracts or block groups or any part thereof in accordance with the most current
United States Census or with the most current data from the Center for Public
Service or the local planning district commission. Any such area seeking
designation as an enterprise zone shall also meet at least one of the following
criteria: (i) have twenty-five 25 percent or more of the population with
incomes below eighty 80 percent of the median income of the jurisdiction, (ii)
have an unemployment rate 1.5 times the state average, or (iii) have a demonstrated floor area
vacancy rate of industrial and/or commercial properties of twenty 20 percent or
more.
C. Five of the areas designated as enterprise zones on or after July 1, 1999,
shall be located in localities that (i) have annual average unemployment rates
for the most recent calendar year that are fifty 50 percent higher than the
final statewide average unemployment rate for the most recent calendar year or (ii) are within
planning districts that have annual average unemployment rates for the most recent calendar year that
are at least one 1 percent greater than the final annual statewide average for
the most recent calendar year. No area shall be designated as an enterprise zone pursuant to this
subsection unless it also meets all the other eligibility criteria established
pursuant to this chapter.
D. Five of the areas designated as enterprise zones on or after July 1, 2000,
shall be located in localities that have annual average unemployment rates for
the most recent calendar year that are fifty50 percent higher than the final
statewide average unemployment rate for the most recent calendar year. No area shall be designated as
an enterprise zone pursuant to this subsection unless it also meets all the
other eligibility criteria established pursuant to this chapter.
E. Unless earlier terminated as provided in this chapter, an area's designation as an enterprise zone shall be for a period of 20 years; however, if the area is designated by the federal Department of Housing and Urban Development as a Federal Empowerment Zone at the time of the scheduled expiration of its enterprise zone designation, the area's enterprise zone designation shall continue until the expiration of the area's Federal Empowerment Zone designation.