§ 2.2-2292. Public hearing and approval
Whenever federal law requires public hearings and public approval as a prerequisite to obtaining federal tax exemption for the interest paid on industrial development bonds under Section 103 of the Revenue Code, unless otherwise specified by federal law or regulation, the public hearing for industrial development bonds of the Authority shall be conducted by the Authority and the procedure for the public hearing and public approvals shall be as follows:
1. For a public hearing by the Authority:
a. Notice of the hearing shall be published once a week for two successive weeks in a newspaper published or having general circulation in the municipality in which the facility to be financed is to be located of intention to provide financing for a named applicant. The applicant shall pay the cost of notification. The notice shall also be mailed or otherwise delivered to the clerk of the local governing body of the municipality. The notice shall specify the time and place of hearing at which persons may appear and present their views. The hearing shall be held not less than six days nor more than 21 days after the second notice shall appear in such newspaper. The hearing may be held at any place within the Commonwealth determined by the Board.
b. The notice shall contain (i) the name and address of the Authority; (ii) the name and address of the principal place of business, if any, of the applicant seeking financing; (iii) the maximum dollar amount of financing sought; and (iv) the type of business and purpose and specific location, if known, of the facility to be financed.
c. Every request for industrial development bond financing when submitted to the Authority shall be accompanied by a statement in the following form:
Name of Applicant: ....................
Facility: ....................
Date: ....................
Maximum amount of financing sought: $ ..........
Estimated taxable value of the facility's real property in the municipality in
which it is located. $ ..........
Estimated taxable value of the facility's real property once constructed or
expanded. $ ..........
Estimated real property tax per year using present tax rates on the facility's
real property once constructed or expanded. $ ..........
Estimated personal property tax per year from property to be located in
expanded or constructed facility using present tax rate. $ ..........
Estimated merchants' capital tax per year from property to be located in
expanded or constructed facility using present tax rate. $ ..........
Estimated dollar value per year of goods and services that will be purchased
in the Commonwealth during construction or expansion of facility. $
..........
Estimated dollar value per year of goods and services that will be purchased
in the Commonwealth for the operation of the facility. $ ..........
Estimated dollar value per year of goods and services that will be produced
and sold from the facility. $ ..........
Estimated number of employees during construction or expansion ..........
Estimated number of regular employees on a year round basis during operation
of the facility ..........
Average annual salary per regular employee during operation of the facility. $
..........
Estimated payroll for labor during construction or expansion of the facility.
$ ..........
If any of the above questions do not apply to the eligible business being financed, indicate by writing N/A (not applicable) on the appropriate line.
2. For public approval, the Governor is appointed by this article as the applicable elected representative within the meaning of Section 103 (k) of the Revenue Code.
(1984, c. 749, § 9-216; 2001, c. 844; 2003, c. 339.)
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