VIRGINIA LAW PORTAL

• Code of Virginia
• Virginia Administrative Code
• Constitution of Virginia
• Charters
• Authorities
• Compacts
• Uncodified Acts
• RIS Users (account required)

SEARCHABLE DATABASES

• Bills & Resolutions
  session legislation
• Bill Summaries
  session summaries
• Reports to the General Assembly
  House and Senate documents
• Legislative Liaisons
  State agency contacts

ACROSS SESSIONS

• Subject Index: Since 1995
• Bills & Resolutions: Since 1994
• Summaries: Since 1994

Developed and maintained by the Division of Legislative Automated Systems.

1999 SESSION

• history | hilite | pdf | print version

999247666
SENATE BILL NO. 1221 Offered January 21, 1999 A BILL to amend and reenact § 58.1-3245.1 of the Code of Virginia, relating to tax increment financing. ----------
Patrons-- Hanger, Bolling, Marye and Norment; Delegates: Behm, Deeds, Moss and Murphy
---------- Referred to Committee on Finance ----------

Be it enacted by the General Assembly of Virginia:

1. That § 58.1-3245.1 of the Code of Virginia is amended and reenacted as follows:

§ 58.1-3245.1. Blighted areas constitute public danger; promotion of economic development.

It is hereby found and declared that blighted areas exist in the Commonwealth, and these areas impair economic values and tax revenues, and endanger the health, safety, morals and welfare of the citizens because commercial, residential and industrial structures are subject to dilapidation, deterioration, inadequate ventilation, and inadequate public utilities. It is also found to be in the public interest to promote the commerce and prosperity of the citizens of the Commonwealth by providing public facilities, including but not limited to, roads, water, sewers, and parks, and real estate devoted to open-space use as that term is defined in § 58.1-3230 in development project areas to encourage the development of such areas. Local governments should encourage private investment in development project areas in order to enhance the real estate tax base of such areas and, where appropriate, to eliminate blighted conditions. It is essential to the public interest that governing bodies have authority to finance development project costs by using real estate tax increments to encourage private investment in development project areas.