Virginia Code 59.1-546: Review and termination of enterprise zones
A. If the local governing body is unable or unwilling to provide the specified local incentives as proposed in its application for zone designation or as approved by the Department in an amendment, the zone designation shall terminate. Qualified business firms located in such enterprise zone shall be eligible to receive the incentives provided by this chapter even though the zone designation has terminated. No business firm may become a qualified business firm after the date of zone termination.
Terms Used In Virginia Code 59.1-546
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Department: means the Department of Housing and Community Development. See Virginia Code 59.1-539
- Enterprise zone: means an area declared by the Governor to be eligible for the benefits of this chapter. See Virginia Code 59.1-539
B. If no business firms have qualified for incentives as provided for in this chapter within a five-year period, the Department shall terminate that enterprise zone designation.
C. The Department shall review the effectiveness in creating jobs and capital investment and activity occurring within designated enterprise zones and shall annually report its findings to the Senate Committee on Finance and Appropriations, the Senate Committee on Commerce and Labor, the House Committee on Appropriations, and the House Committee on Labor and Commerce.