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1999 SESSION

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SB 1143 Investment Partnership Act; created.

Introduced by: Malfourd W. Trumbo | all patrons    ...    notes | add to my profiles

SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION: (all summaries)

Economic development; Virginia Investment Partnership Act. Establishes two grant programs to be paid, subject to appropriation, from the Virginia Investment Partnership Grant Fund. One program provides for a grant of $25 million to an eligible Virginia manufacturer who makes an investment of $100 million that results in the creation of at least 1,000 new permanent, full-time jobs. The terms of the grant are to be set forth in a memorandum of agreement, subject to review by the House Appropriations and Senate Finance Committees. The grant will be payable over a period of five to seven years, beginning the sixth year after the investment is complete and verified. The second program provides grants for existing Virginia manufacturers making a capital investment of at least $25 million but do not qualify for the first grant program. The amount of the grant an eligible manufacturer may receive shall be determined by the Secretary of Commerce and Trade, based on recommendations of the Virginia Economic Development Partnership and approved by the Governor. The grant amount determination shall be made by applying guidelines, to be reviewed by the chairmen of the House Appropriations and Senate Finance Committees, that take into account the number of new jobs created, wages, the amount of the investment, the present net value of paid benefits to Virginia, and other factors. The amount of a grant any eligible manufacturer is eligible for shall not exceed $3 million or 10 percent of the amount appropriated to the program’s subfund. No more than $6 million in grants shall be approved in any year. An overall cap of $30 million in grant awards outstanding at any time is established. These grants will be payable, subject to appropriation, over five years beginning in the sixth year after the investment is completed and verified.


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