Terms Used In Virginia Code > Title 59.1 > Chapter 22.21 - Cloud Computing Cluster Infrastructure Grant Fund

• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Capital investment: means an investment by or on behalf of a qualified company on or after January 1, 2023, but prior to July 1, 2040, in real property, tangible personal property, or both, at a facility that is properly chargeable to a capital account or would be so chargeable with a proper election. See Virginia Code 59.1-284.42
• Facility: means the one or more buildings, group of buildings, and ancillary facilities and equipment that are located in a locality or localities identified in a memorandum of understanding and that are owned, occupied, or otherwise operated by or for the qualified company for data center and cloud computing cluster operations. See Virginia Code 59.1-284.42
• Fund: means the Cloud Computing Cluster Infrastructure Grant Fund. See Virginia Code 59.1-284.42
• Grant: means a grant from the Fund awarded to a qualified company that is intended to pay or reimburse the qualified company for (i) infrastructure costs related to the construction and support of facilities and (ii) costs for workforce development, recruiting, and training. See Virginia Code 59.1-284.42
• Includes: means includes, but not limited to. See Virginia Code 1-218
• Infrastructure costs: includes the costs related to fiber, water, wastewater, and stormwater facilities; gas pipelines; electrical transmission and distribution lines; and site clearing, grading, and other improvements to support the construction and development of a facility. See Virginia Code 59.1-284.42
• Local match: means the funds committed by a locality identified in a memorandum of understanding to a qualified company related to the construction and operation of a facility. See Virginia Code 59.1-284.42
• Locality: means a county or city in the Commonwealth in which a company makes an eligible investment in a facility and creates new full-time jobs, that is identified in a memorandum of understanding, and that has entered into a performance agreement. See Virginia Code 59.1-284.42
• MEI Commission: means the MEI Project Approval Commission established pursuant to Chapter 47 of Title 30. See Virginia Code 59.1-284.42
• Memorandum of understanding: means a memorandum of understanding entered into on or after January 1, 2023, between a qualified company, the Commonwealth, and VEDP that sets forth (i) the grant amount that the qualified company shall be eligible to receive for each new full-time job created and each $1 million of capital investment in construction costs made; (ii) the total aggregate amount of grants that the qualified company shall be eligible to receive; (iii) the performance date; (iv) the requirements and timing for capital investment and new full-time job creation by the qualified company; (v) the identification of the locality or localities in which such investment and job creation shall take place; and (vi) any other terms and conditions deemed necessary or appropriate to be eligible for grant payments from the Fund. See Virginia Code 59.1-284.42
• New full-time jobs: means job positions created on or after January 1, 2023, but prior to July 1, 2040, in which the employee of a qualified company works at a facility, for which the average annual wage is at least one and one-half times the prevailing wage of the locality where the job is located, and for which the qualified company provides standard fringe benefits. See Virginia Code 59.1-284.42
• Performance agreement: means an agreement entered into on or after January 1, 2023, between a qualified company, a locality identified in a memorandum of understanding, and VEDP that commits the locality to provide local funds, either as annual cash grants or via the expenditure of local funds, for infrastructure costs related to the qualified company. See Virginia Code 59.1-284.42
• Performance date: means the date set forth in a memorandum of understanding by which capital investment and new full-time job creation targets shall be met in order to qualify for grants from the Fund. See Virginia Code 59.1-284.42
• Personal property: All property that is not real property.
• Qualification: means the process by which a company becomes a qualified company eligible to enter into a memorandum of understanding and receive grants from the Fund. See Virginia Code 59.1-284.42
• Qualified company: means a company, including its affiliates, that, after qualification, enters into a memorandum of understanding and is expected by the performance date to (i) make or cause to be made a capital investment at facilities in localities identified in the memorandum of understanding of at least $50 billion and (ii) create at least 1,500 new full-time jobs that pay an average annual wage of at least one and one-half times the prevailing wage of the locality where the job is located. See Virginia Code 59.1-284.42
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Secretary: means the Secretary of Commerce and Trade or his designee. See Virginia Code 59.1-284.42
• VEDP: means the Virginia Economic Development Partnership Authority. See Virginia Code 59.1-284.42