§ 59.1-284.38 Technology Development Grant Fund
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Terms Used In Virginia Code > Title 59.1 > Chapter 22.17 - Technology Development 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 expenditure by or on behalf of a qualified company on or after January 1, 2020, in real property, tangible personal property, or both, at a facility located in an eligible county that is properly chargeable to a capital account or would be so chargeable with a proper election. See Virginia Code 59.1-284.38
  • Eligible county: means Fairfax County. See Virginia Code 59.1-284.38
  • Facility: means the building, group of buildings, or corporate campus, including any related machinery and tools, furniture, fixtures, and business personal property, located in an eligible county, that is owned, leased, licensed, occupied, or otherwise operated by a qualified company for use in the administration, management, and operation of its business, including software development and technology research and development. See Virginia Code 59.1-284.38
  • Fund: means the Technology Development Grant Fund. See Virginia Code 59.1-284.38
  • Grants: means grants from the Fund awarded to a qualified company in an aggregate amount not to exceed $22. See Virginia Code 59.1-284.38
  • Memorandum of understanding: means a performance agreement or related document entered into on or before August 1, 2020, among a qualified company, the Commonwealth, and VEDP that sets forth the requirements for capital investment and the creation of new full-time jobs for the qualified company to be eligible for grants from the Fund. See Virginia Code 59.1-284.38
  • Qualified company: means a technology company, including its affiliates, that between January 1, 2020, and June 30, 2025, is expected to (i) make a capital investment at a facility of at least $64 million and (ii) create at least 1,500 new full-time jobs at the facility related to, or supportive of, its business. See Virginia Code 59.1-284.38
  • Secretary: means the Secretary of Commerce and Trade. See Virginia Code 59.1-284.38
  • VEDP: means the Virginia Economic Development Partnership Authority. See Virginia Code 59.1-284.38