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2014 SESSION
14101125DBe it enacted by the General Assembly of Virginia:
1. That § 59.1-542 of the Code of Virginia is amended and reenacted as follows:
§ 59.1-542. Enterprise zone designation.
A. Upon the
Department's announcement of periodic zone designation competitions, the The governing
body of any county or city may make written application to the Department to
have an area or areas declared an enterprise zone. Such application shall
include a description of the area or areas to be included, the development
potential of these areas, the need for special state incentives, the local
incentives that shall be provided to support new economic activity, and other
information that the Department deems necessary to assess requests for
designation.
B. Two or more adjacent localities may file a joint application for an enterprise zone. Localities applying for a joint zone shall demonstrate a regional need for an enterprise zone and a regional impact that could not be achieved through a single jurisdiction zone. Applicants for a joint zone shall also specify what mechanisms will be used to ensure that the economic benefits of such a zone are shared among the applicant localities.
C. An enterprise zone may consist of no more than three noncontiguous areas. The aggregate size of these noncontiguous zone areas shall be specified by regulation. Localities shall be limited to three enterprise zone designations.
D. A joint enterprise zone shall consist of no more than three noncontiguous zone areas for each participating locality. The aggregate size of these noncontiguous areas shall be specified by regulation.
E. Upon recommendation of the Director of the Department, the
Governor may designate up to 30 enterprise
zones in accordance with the provisions of this chapter. Such
designations are to be done in coordination with the expiration of existing
zones designated under earlier Enterprise Zone Program provisions. The initial
round of six zone designation applications and approval may be conducted prior
to adoption of final program regulations provided that the process is
consistent with the provisions of this chapter. Enterprise
zones shall be designated for an initial 10-year period except as provided for
in subsections A and B of § 59.1-546. Upon recommendation of the Director of
the Department, the Governor may renew zones for up to two five-year renewal
periods. Recommendations for five-year renewals shall be based on the
locality's performance of its enterprise zone responsibilities, the continued
need for such a zone, and its effectiveness in creating jobs and capital
investment.
F. Localities that have zone designations are responsible for providing the local incentives specified in their applications, providing timely submission of enterprise zone reports and evaluations as required by regulation, verifying that businesses and properties seeking enterprise zone incentives are physically located within their zones, and implementing an active local enterprise zone program within the context of overall economic development efforts.