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1999 SESSION
996982364Be 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
fifty-five areas, of which five shall be designated as provided in
subsection C, 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 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.
C. Five of the areas designated as enterprise zones on or after July 1, 1999, shall be located in localities that (i) have annual unemployment rates for the most recent calendar year that are fifty percent higher than the final statewide average unemployment rate for the most recent calendar year or (ii) are within planning districts that have annual average unemployment rates for the most recent calendar year that are at least one percent greater than the final annual statewide average for the most recent calendar year. No area shall be designated as an enterprise zone pursuant to this subsection unless it also meets all the other eligibility criteria established pursuant to this chapter.