Virginia Code 2.2-2764: Review by MEI Commission
A. 1. Before entering into an agreement to acquire, option, or develop any site, the Authority and the Department shall jointly submit a proposal detailing their plans for acquisition and development to the Commission. The Commission shall review such proposal and determine whether the plan is consistent with the objective described in § 2.2-2763, addresses a demonstrated need of the Commonwealth, and was approved by the Governor after a recommendation from the Department pursuant to § 2.2-1149. If the Commission finds that the proposal meets such objective, addresses such need, and was approved pursuant to § 2.2-1149, the Commission shall certify the proposal. If the Commission finds that such proposal does not meet the objective of the Program, does not address such need, or was not approved pursuant to § 2.2-1149, (i) the Commission shall communicate its findings to the Governor and to the General Assembly and (ii) the Authority shall not implement the proposal unless the proposal, either in its original or revised form, is authorized by the General Assembly at its next session and enacted into law.
Terms Used In Virginia Code 2.2-2764
- Authority: means the Virginia Economic Development Partnership Authority. See Virginia Code 2.2-2760
- Commission: means the MEI Project Approval Commission established by § 30-309. See Virginia Code 2.2-2760
- Department: means the Department of General Services. See Virginia Code 2.2-2760
- Development: means improvements designed to prepare a site for construction or higher use than was possible in the site's natural state or its state at the time of acquisition. See Virginia Code 2.2-2760
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Program: means the Virginia Business Ready Sites Acquisition Program established by § Virginia Code 2.2-2760
- Project development agreement: means an agreement by which the Authority sells, leases, transfers, or otherwise disposes of an eligible acquisition site to a private employer for a large-scale economic development project. See Virginia Code 2.2-2760
2. Before entering into any project development agreement, the Authority shall submit a proposal detailing such agreement to the Commission. The Commission shall review such proposal and determine whether the proposal is consistent with the objective described in § 2.2-2763. If the Commission finds that the proposal meets such objective, the Commission shall certify the proposal. If the Commission finds that such proposal does not meet the objective of the Program, (i) the Commission shall communicate its findings to the Governor and to the General Assembly and (ii) the Authority shall not implement the proposal unless either (a) the Authority resubmits a revised proposal to the Commission and receives a favorable recommendation or (b) the proposal, either in its original or revised form, is authorized by the General Assembly at its next session and enacted into law.
B. The Authority shall submit the guidelines, procedures, and objective criteria required by subsection C of § 2.2-2761, and any subsequent changes to such policies, to the Commission. The Commission may provide feedback on such guidelines, procedures, and objective criteria and recommend proposed changes to the Authority.
C. Notwithstanding the provisions of subsection B of § 30-310, an affirmative vote by a simple majority of the legislative members of the Commission shall be sufficient to render a decision of the Commission for purposes of subsection A or B.
D. A project development agreement subject to review pursuant to this section shall also be subject to review pursuant to Chapter 47 of Title 30 if the project development agreement provides incentives that exceed the review thresholds prescribed by that chapter. The value of any property sold, leased, transferred, or otherwise provided to a private employer at below fair market value as part of a project development agreement shall be included in calculating the amount of incentives for purposes of review under Chapter 47 of Title 30.
E. The chairman of the Commission shall report annually by the first day of each regular session of the General Assembly on all decisions made by the Commission in the previous year.
2023, c. 779.