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2005 SESSION

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HB 2858 Economic Development Partnership Authority; required provisions in agreements with businesses.

Introduced by: J. Chapman Petersen | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Economic Development Partnership Authority; required provisions in economic development agreements.  Provides that any contract or agreement entered into between the Authority and a business that includes monetary or other financial incentives to encourage the business to locate in or expand its existing operations to a designated community shall contain a provision that requires the business to remain in such community for a period of at least five years from the date of the agreement. Any such agreement shall further provide that should the business leave the community or substantially terminate its business in the community before the end of the five-year period, it shall be required to refund any monetary or other financial incentive given to it pursuant to the agreement.


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