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1998 SESSION

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985462351
HOUSE BILL NO. 984 AMENDMENT IN THE NATURE OF A SUBSTITUTE (Proposed by the Senate Committee on Finance on March 5, 1998) (Patron Prior to Substitute--Delegate McEachin) A BILL to amend the Code of Virginia by adding a section numbered 59.1-274.2, relating to the redesignation of enterprise zones.

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 59.1-274.2 as follows:

§ 59.1-274.2. Redesignation of enterprise zones.

A. The Department may redesignate an enterprise zone that is located in one jurisdiction as a joint enterprise zone if:

1. The local governing bodies of both of the jurisdictions in which the joint enterprise zone will be located have submitted to the Department, with an application for redesignation of the zone as a joint zone, resolutions supporting the proposed redesignation of the enterprise zone as a joint enterprise zone;

2. The area of the proposed joint enterprise zone that is located in the jurisdiction in which the existing enterprise zone is not located is contiguous to the existing enterprise zone;

3. The jurisdiction in which the existing enterprise zone is not located has the county manager form of government; and

4. The area of the proposed joint enterprise zone complies with at least one of the criteria set forth in subsection B of § 59.1-274.

B. As used in this section, "joint enterprise zone" means an enterprise zone located in two adjacent localities.

C. Any redesignation of an existing enterprise zone as a joint enterprise zone shall be in compliance with all applicable regulations promulgated by the Department.