Terms Used In Virginia Code > Title 59.1 > Chapter 22.22 - Financial Services Expansion 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
• Asset management: means a systematic process of operating and maintaining the systems of state highways by combining engineering practices and analysis with sound business practices and economic theory to achieve cost-effective outcomes. See Virginia Code 33.2-100
• Board: means the Commonwealth Transportation Board. See Virginia Code 33.2-100
• Capital investment: means an expenditure by or on behalf of a qualified company on or after July 1, 2023, in real property, taxable tangible personal property, or both, at a facility in an eligible county that is properly chargeable to a capital account or would be so chargeable with a proper election. See Virginia Code 59.1-284.43
• Commissioner of Highways: means the individual who serves as the chief executive officer of the Department of Transportation. See Virginia Code 33.2-100
• Department: means the Department of Transportation. See Virginia Code 33.2-100
• Eligible county: means Roanoke County. See Virginia Code 59.1-284.43
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Facility: means the building, group of buildings, or corporate campus, including any related machinery and tools, furniture, fixtures, and business personal property, that is located at or near a qualified company's operations in an eligible county and is owned, leased, licensed, occupied, or otherwise operated by a qualified company as an operations facility for use in provision of customer support for financial services. See Virginia Code 59.1-284.43
• Fund: means the Financial Services Expansion Grant Fund. See Virginia Code 59.1-284.43
• Grants: means the grant payments from the Fund awarded to a qualified company in an amount not to exceed $15 million in the aggregate during the time frame described in subsections C and D. See Virginia Code 59.1-284.43
• Highway: means the entire width between the boundary lines of every way or place open to the use of the public for purposes of vehicular travel in the Commonwealth. See Virginia Code 33.2-100
• highway construction: means highway, passenger and freight rail, or public transportation purposes. See Virginia Code 33.2-100
• Interstate System: means the same as that term is defined in Virginia Code 33.2-100
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Maintenance: means (i) ordinary maintenance; (ii) maintenance replacement; (iii) operations that include traffic signal synchronization, incident management, and other intelligent transportation system functions; and (iv) any other categories of maintenance that may be designated by the Commissioner of Highways. See Virginia Code 33.2-100
• Memorandum of understanding: means a performance agreement or related documents entered into on September 25, 2023, by a qualified company, the Commonwealth, and VEDP that sets forth the requirements for capital investment and the creation of new full-time jobs by a qualified company in order for a qualified company to be eligible for grants from the Fund. See Virginia Code 59.1-284.43
• New full-time job: means a job position in which the employee of a qualified company is principally located at a facility, for which the average annual wage for the applicable year is at least equal to the average annual wage for that year required by the memorandum of understanding, and for which the qualified company provides standard fringe benefits. See Virginia Code 59.1-284.43
• Personal property: All property that is not real property.
• Qualified company: means a company, including its affiliates, that engages in the provision of customer support for financial services in an eligible county and that between July 1, 2023, and December 31, 2033, is expected to (i) make a capital investment of at least $87 million and (ii) create at least 1,100 new full-time jobs related to or supportive of its business. See Virginia Code 59.1-284.43
• Secretary: means the Secretary of Commerce and Trade or his designee. See Virginia Code 59.1-284.43
• State: includes District of Columbia;

  (f) "Transit facilities" means all real and personal property located in the Zone, necessary or useful in rendering transit service between points within the Zone, by means of rail, bus, water or air and any other mode of travel, including, without limitation, tracks, rights-of-way, bridges, tunnels, subways, rolling stock for rail, motor vehicle, marine and air transportation, stations, terminals and ports, areas for parking and all equipment, fixtures, buildings and structures and services incidental to or required in connection with the performance of transit service;

  (g) "Transit services" means the transportation of persons and their packages and baggage by means of transit facilities between points within the Zone including the transportation of newspapers, express and mail between such points, and charter service which originates within the Zone but does not include taxicab service or individual-ticket-sales sightseeing operations;

  (h) "Transit Zone" or "Zone" means the Washington Metropolitan Area Transit Zone created and described in Section 3 as well as any additional area that may be added pursuant to Section 83(a) of this Compact; and

  (i) "WMATC" means Washington Metropolitan Area Transit Commission. See Virginia Code 33.2-3100

• Systems of state highways: has the meaning assigned to it in § 1-251. See Virginia Code 33.2-100
• VEDP: means the Virginia Economic Development Partnership Authority. See Virginia Code 59.1-284.43