SB 103 — Shipping and Logistics Headquarters Grant Program; updates certain provisions.

SESSION ENROLLED VIRGINIA ACTS OF ASSEMBLY ––-- 2022 SESSION CHAPTER E76 An Act to amend and reenact § 59.1-284.39 of the Code of Virginia, relating to the Shipping andNand Logistics Headquarters Grant Program.

R O [S 103] Approved LApril L1, 2022 Be it enacted by the General Assembly of Virginia:

E § 59.1-284.39.

DA. "Capital investment" means an expenditure within an eligible locality, by or on behalf of a qualified company on or after January 1, 2021, in real property, tangible personal property, or both, at one of the facilities within an eligible locality that has been capitalized or is subject to being capitalized.

"CapitalAs investment"used mayin includethis (i)chapter, theunless purchase of land and buildings and the costcontext ofrequires infrastructurea developmentdifferent andmeaning: land improvements;

"Capital investment" means an expenditure within an eligible locality, by or on behalf of a qualified company on or after January 1, 2021, in real property, tangible personal property, or both, at one of the facilities within an eligible locality that has been capitalized or is subject to being capitalized.

"Capital development and land improvements;

B "Eligible locality" means the City of Chesapeake, the City of Norfolk, or the County of Arli0gton.Arlington.

"Facilities" means the buildings, group of buildings, or campus, including any related furniture, fixtures, equipment, and business personal property, in an eligible locality that is owned, leaEed,,leased, licensed, occupied, or otherwise operated by or on behalf of a qualified company for use as a R headquarters facility, a customer care center, or a research and development innovation center in the furtherance of its shipping and logistics business.

"Memorandum of understanding" means a performance agreement or related document entered into on or before August 1, 2021 2022, between a qualified company and the Commonwealth that sets forth the requirements for capital investment and the creation of new jobs for the qualified company.

Seasonal or temporary positions and positions created when a job function is shifted from an existing location in the Commonwealth full-timeshall positionsnot atqualify theas qualifiednew company'sjobs. facilities, to be set forth in the memorandum ofing understanding.

Any new job shall be in addition to the baseline number of existing full-time positions at the qualified company's facilities, to be set forth in the memorandum of understanding.

"Secretary" means the Secretary of Commerce and Trade or his designee.

The Comptroller shall not draw any warrants to issue checks for grant installments under this section without a specific appropriation for the samC.same.

C.

Such grant of 2 installments shall be paid to the qualified company from the Fund during each such fiscal year, contingent upon the qualified company's meeting the requirements set forth in the memorandum of of 2 understanding to provide security for any potential repayment of the grant, including a cash escrow the aggregate amount of grants payable under this section to a qualified company shall not exceed $9,042,875.