15.2-2415 - Creation and management of the Urban Public-Private Partnership Redevelopment Fund. - Virginia Statutes

§ 15.2-2415. Creation and management of the Urban Public-Private PartnershipRedevelopment Fund.

There is hereby established in the state treasury a permanent and perpetualfund to be known as the Urban Public-Private Partnership Redevelopment Fund.The Fund shall consist of sums appropriated to the Fund by the GeneralAssembly; sums which may be allocated to the Commonwealth for this purpose bythe United States government; all interest earned on moneys in the Fund; andany other sums designated for deposit to the Fund from any source, public orprivate. The Fund is created to address the serious problem of a lack ofdevelopable land in urban areas of the Commonwealth and the high cost ofredeveloping such land. The Fund shall make grants or loans to localgovernments for assembling, planning, clearing, and remediating sites for thepurpose of promoting such sites to private developers for redevelopment.

The Fund shall be administered and managed by the Department as prescribed inthis chapter. The Department may disburse from the Fund reasonable costs andexpenses incurred in administration and management of the Fund.

(2000, c. 757.)