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2011 SESSION

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HB 2495 Advanced Shipbuilding Training Facility Grant Program; revises Program.

Introduced by: S. Chris Jones | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Advanced Shipbuilding Training Facility Grant Program.  Revises the Advanced Shipbuilding Training Facility Grant Program by allowing the Commonwealth, the eligible city, and the qualified shipbuilder to structure an agreement whereby the eligible city would receive grants, not to exceed $42 million, to be used toward payment of the costs of building the Facility, and the qualified shipbuilder, upon fulfilling performance requirements, would gain ownership of the facility at the end of the grant period.  These parties retain the authority under current law to structure an agreement whereby the qualified shipbuilder receives grants upon fulfilling performance requirements.  The bill also changes the date by which a memorandum of understanding must be reached to qualify a shipbuilder for the Program, from June 30, 2009, to August 31, 2011.


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