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1998 SESSION
989151200Be 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 of Housing and Community Development the designation of up to fifty
areas as enterprise zones for a period of twenty years. Any county, city, or
town shall be eligible to apply for more than one enterprise zone designation;
however, each county, city, and town shall be limited to a total of three
enterprise zones. One enterprise zone in any county, city or town may consist
of two noncontiguous zone areas. The When an enterprise zone
lies in two or more adjacent jurisdictions, an additional
noncontiguous zone area in each of such jurisdictions may be
approved. In each jurisdiction, the size of the enterprise
zone shall consist of the total of the two noncontiguous zone areas. The two
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 percent or more of the population with incomes
below eighty 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
percent or more.