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2023 SESSION

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Senate Committee on Finance and Appropriations

Co-Chair: Janet D. Howell - Co-Chair: George L. Barker

Clerk: G. Conway, B. Khan, C. Dunn
Staff: Stephen Kindermann
Date of Meeting: February 20, 2023
Time and Place: Upon adjournment of Senate Commerce and Labor, Senate Room A

H.B. 1842

Patron: Knight


Economic development; Virginia Business Ready Sites Acquisition Fund and Program. Creates the Virginia Business Ready Sites Acquisition Program for the purposes of (i) acquiring sites for the purpose of creating and maintaining a portfolio of project-ready sites to promote economic development in the Commonwealth, (ii) developing such sites to increase their marketability, and (iii) entering into development agreements with private employers for large-scale economic development projects. The Virginia Economic Development Partnership Authority shall administer the Program, in consultation with the Department of General Services.

The bill requires Program activities to be reviewed by the MEI Project Approval Commission (the Commission), who shall review proposals for site acquisitions, site development activities, and development agreements with private employers and determine whether the proposals are consistent with the objective of the Program. If the Commission issues a negative finding, it shall communicate such finding to the Governor and to the General Assembly, and the Authority shall not implement the proposal unless the proposal, either in its original or revised form, is authorized by the General Assembly at its next session and enacted into law.

A BILL to amend the Code of Virginia by adding in Title 2.2 a chapter numbered 27.2, consisting of sections numbered 2.2-2760 through 2.2-2764, relating to economic development; Virginia Business Ready Sites Acquisition Fund and Program.

23104746D

H.B. 2302

Patron: Adams, L.R.

Transportation Partnership Opportunity Fund. Authorizes the Governor to direct funds from the Transportation Partnership Opportunity Fund to the Commonwealth Transportation Board (the Board) for transportation projects determined to be necessary to support major economic development initiatives or to enhance the economic development opportunities of the Commonwealth's transportation programs when recommended by the Secretary of Transportation and Secretary of Commerce and Trade. The bill does not specify a limit to such directed funds but provides that any transfer of funds in excess of $35 million shall be submitted for review to the MEI Project Approval Commission (the Commission) and if such transfer is not recommended by the Commission the transfer is prohibited unless authorized by the General Assembly. The bill also authorizes the Governor to use funds from the Fund to enhance the economic development opportunities of the Commonwealth's transportation programs. The bill authorizes the use of grants, funds directed to the Board, and revolving loans for property acquisition and new or improved infrastructure to support economic development opportunities of the Commonwealth's transportation programs.

A BILL to amend and reenact § 33.2-1529.1 of the Code of Virginia, relating to Transportation Partnership Opportunity Fund.

23106174D