§ 59.1-282.2. Enterprise Zone Grant Fund; grant allocations
A. There is hereby established a special fund in the state treasury to be known as the Enterprise Zone Grant Fund, which shall be administered by the Department. The Fund shall include such moneys as may be appropriated by the General Assembly from time to time and designated for the Fund. The Fund shall be used solely for the payment of enterprise zone incentive grants to business firms pursuant to this chapter.
B. Upon receiving applications for grants from local zone administrators, the Department shall determine the amount of the grant to be allocated to each eligible business firm. The Department shall allocate moneys in the following order of priority: (i) first, to unpaid grant amounts carried forward from prior years because business firms did not receive the full amount of any grant to which they were eligible in a prior year; and (ii) then to other eligible applicants. If the moneys in the Fund are less than the amount of grants to which applicants in any class of priority are eligible, the moneys in the Fund shall be apportioned among eligible applicants in such class pro rata, based upon the amount of the grant to which an applicant is eligible and the amount of money in the Fund available for allocation to such class.
C. If a business firm is allocated less than the full amount of a grant to which it is eligible in any year, the firm shall not be eligible for the deficiency in that year, but the unpaid portion of the grant to which the firm was eligible shall be carried forward by the Department to the following year, during which it shall be in the first class of priority as provided in clause (i) of subsection B.
D. The Department shall determine the amount of the grants to be allocated to eligible applicants by June 30. The Department shall then certify to the Comptroller the amount of grant a business firm, or its assignee as provided in § 59.1-282.3, shall receive. Payments shall be made by check issued by the Treasurer of Virginia on warrant of the Comptroller.
E. Actions of the Department relating to the allocation and awarding of grants shall be exempt from the provisions of the Administrative Process Act (§ 2.2-4000 et seq.) pursuant to subdivision B 4 of § 2.2-4002.
F. This section shall apply only to those businesses that have initiated use of three-year grants for creating permanent full-time positions pursuant to § 59.1-282.1 and this section on or before July 1, 2005. This section shall govern those businesses only for the duration of such three-year grant period.
(1995, c. 792; 2005, cc. 863, 884.)
Sections: Previous 59.1-270 59.1-272 59.1-279 59.1-279.1 59.1-280 59.1-280.1 59.1-280.2 59.1-281 59.1-282 59.1-282.1 59.1-282.2 59.1-282.3 59.1-284.01 NextLast modified: April 16, 2009