SB 28 — Virginia Business Ready Sites Program Fund; created.

SESSION ENROLLED VIRGINIA ACTS OF ASSEMBLY ––-- 2022 SESSION CHAPTER E83 An Act to amend and reenact § 10.1-1237 of the Code of Virginia, to amend the Code of Virginia by adding a section numbered 2.2-2240.2:1, and to repeal § 2.2-2240.2 of the Code of Virginia, relating to economic development;

Virginia Business Ready Sites Program Fund created.decreated. of Virginia, Relating O [S 28] L Approved L Be it enacted by the General Assembly of Virginia:

E[S 1.28] Approved April 5, 2022 Be it enacted by the General Assembly of Virginia:

That1. § 10.1-1237 of the Code of Virginia is amended and reenacted and that the Code of D Vir§ 2.2-2240.2:1.

That § 10.1-1237 of the Code of Virginia Businessis Readyamended Sitesand Programreenacted Fund.asand that the Code of Virginia is amended by adding a section numbered 2.2-2240.2:1 as follows:

§ 2.2-2240.2:1.

Virginia Business Ready Sites Program Fund.

"Eligible site" means a site suitable to be marketed for industrial or commercial economic developmentshall purposes,meet, asor be determined by the Authority.Authority to be expected to meet, each of the following criteria:

For a site development grant, an "eligible site" shall meet, or be determined by the Authority to be expected to meet, each of the following criteria:

and (iii) the site is publicly owned, or if thBthe site is under private ownership, there is an option agreement or other documentation of a commitment by8theby the private owner to a competitive sales price, to permit access to the site for site assessment, and to market the site for industrial or commercial economic development purposes.

If a site is located in Region 1 orketor 2, and it meets the criteria in clauses (ii) and (iii), the Authority may determine it to be an "eligible site" if the site is at least 50 contiguous acres.

Bureau of Labor Statistics' Quarterly Census of Emp"Region"Employment means a region designated by the Virginia Growth and OpportunityWages. Board under § 2.2-2484.

"Region" means a region designated by the Virginia Growth and Opportunity Board under § 2.2-2484.

The Fund shall be established on the books of the sources,Comptroller. public or private, shall be paid into the state treasury and credited to the Fund.

All moneys appropriated by the General Assembly for the Fund, and from any other sources, public or private, shall be paid into the state treasury and credited to the Fund.

Commonwealth.GovernorD. shall award grants from the Fund only to political subdivisions of the 2.

1.

The Governor shall award grants from the Fund only to political subdivisions of the Commonwealth.

2.

Any repayment of grant funds required by such performance agr4.agreement shall be paid into the state treasury and credited to the Fund.

4.

of 5 E.

The report shall include total appropriations made or transferred to the Fund, total grants of 4 awarded, total expenditures from the Fund, cash balances, and balances available for future commitments.

of 5 F.

The Authority may make loans to local governments, public authorities, corporations and partnerships to finance or refinance the cost of any brownfield restoration or remediation projEctproject for the purposes of promoting the restoration and redevelopment of brownfield sites and to address real environmental problems or obstacles to reuse so that these sites can be effectively marketed to economic development prospects.

The loans shall be used to pay the reasonable and necessary costs relateRrelated to the of 4 restoration and redevelopment of a brownfield site for (i) environmental and cultural resource site assessments, (ii) remediation of a contaminated property to remove hazardous substances, hazardous wastes, or solid wastes, (iii) the necessary removal of human remains, the appropriate treatment of grave sites, and the appropriate and necessary treatment of significant archaeological resources, or the stabilization or restoration of structures listed on or eligible for the Virginia Historic Landmarks Register, (iv) demolition and removal of existing structures, or other site work necessary to make a site or certain real property usable for new economic development, and (v) development of a remediatEonremediation and reuse plan.

No loan from the Fund shall exceed the total cost of the project to be financed or the outstanding principal amount of the indebtedness to be refinanced plus reasonable finG.financing expenses.

G.

The bonds or notes shall have been duly authorized by the local government and executed by its authSrizedauthorized legal representatives.

The Authority is authorized to require in connection with any loan from 2hethe Fund such documents, instruments, certificates, legal opinions and other information as it may deem Eecessarynecessary or convenient.

In addition to any other terms or conditions that the Authority may establish, tRethe Authority may require, as a condition to making any loan from the Fund, that the local government receiving the loan covenant perform any of the following:

Establish and collect rents, rates, fees, taxes, and charges to produce revenue sufficient to pay all or a specified portion of (i) the costs of the project, (ii) any outstanding indebtedness incurred for the purposes of the project, including the principal of, premium, if any, and interest on the loan from thethethe Fund to the local government, and (iii) any amounts necessary to create and maintain any required reserve.

Create and maintain a special fund or funds for the payment of the principal of, premium, if any, and interest on the loan from the Fund to the local government and any other amounts becoming due under any agreement entered into in connection with the loan, or the project or any portions thereof or other property of the local government, and deposit into any fund or funds amounts sufficient to make any payments on the loan as they become due and payable.

any fund or funds amounts sufficient to make 4.

The procurement of insurance, guarantees, letters of credit and other forms of collateral, security, paymentliquidity thereforarrangements ofor premiums,credit fees,supports orfor otherthe charges;nloan from any source, public or private, and the c.payment therefor of premiums, fees, or other charges;

c.

obtain7. payment of any amounts in default.

Directly offer, pledge, and consent to the Authority to take action pursuant to § 62.1-216.1 to H.obtain payment of any amounts in default.

AllH. local governments borrowing money from the Fund are authorized to perform any acts, take of 5 any action, adopt any proceedings and make and carry out any contracts that are contemplated by this chapter.

All local governments borrowing money from the Fund are authorized to perform any acts, take any action, adopt any proceedings and make and carry out any contracts that are contemplated by this chapter.