Virginia Code 15.2-6401: Findings; purpose; governmental functions
A. The economies of many localities within the region have not kept pace with those of the rest of the Commonwealth. Individual localities in the region often lack the financial resources to assist in the development of economic development projects. Providing a mechanism for localities in the region to cooperate in the development of facilities will assist the region in overcoming this barrier to economic growth. The creation of regional industrial facility authorities will assist this area of the Commonwealth in achieving a greater degree of economic stability.
Terms Used In Virginia Code 15.2-6401
- Authority: means any regional facility authority organized and existing pursuant to this chapter. See Virginia Code 15.2-6400
- Facility: means any structure or park, including real estate and improvements as applicable, for manufacturing, warehousing, distribution, office, or other industrial, residential, recreational or commercial purposes. See Virginia Code 15.2-6400
- inhabitants: means with reference to any county, city, town, political subdivision of the Commonwealth or any combination thereof, the natural persons in such county, city, town, political subdivision or combination as shown by the unadjusted United States decennial census last preceding the time at which any provision dependent upon population is being applied or the time as of which it is being construed. See Virginia Code 1-235
- Member localities: means the counties, cities, and towns, or combination thereof, which are members of an authority. See Virginia Code 15.2-6400
- Region: means the area within the boundaries of the member localities. See Virginia Code 15.2-6400
B. The purpose of a regional industrial facility authority is to enhance the economic base for the member localities by developing, owning, and operating one or more facilities on a cooperative basis involving its member localities.
C. The exercise of the powers granted by this chapter shall be in all respects for the benefit of the inhabitants of the region and other areas of the Commonwealth, for the increase of their commerce, and for the promotion of their safety, health, welfare, convenience and prosperity.
1997, cc. 276, 587, § 15.1-1711.