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1999 SESSION
982723364Be 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
fiftysixty-five 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
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.
2. That the provisions of this act shall become effective July 1, 1998, and within thirty days following such date, an enterprise zone designation shall be granted to the County of Caroline.