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HB 2347 Commonwealth's Development Opportunity Fund; limitation on use of moneys from the Fund.
SUMMARY AS PASSED HOUSE: (all summaries)
Commonwealth's Development Opportunity Fund; limitation on use of moneys from the Fund. Provides that unless an exception has been granted by the Secretary of Commerce and Trade, moneys in the Commonwealth's Development Opportunity Fund shall not be used for any economic development project involving a business that relocates or expands its operations in one or more Virginia localities while simultaneously closing its operations or substantially reducing the number of its employees in another Virginia locality. Under current law, this limitation on the use of the Fund is stated as a general policy rather than as a requirement. The bill also requires the Secretary of Commerce and Trade to provide written notice to the Chairmen of the Senate Finance and House Appropriations Committees at least 48 hours prior to the final approval of the grant or loan. Currently, the notice must be provided promptly, and a time frame is not specified.