15.2-2417 - Grants and loans. - Virginia Statutes

§ 15.2-2417. Grants and loans.

Except as otherwise provided in this chapter, money in the Fund shall be usedto make grants or loans to local governments to finance the assembling,planning, clearing, and remediation of sites for the purpose of promotingsuch sites to private developers for redevelopment.

No grant shall exceed $500,000. Each grant shall be conditioned upon a 100percent match of funds by the local government. The Board shall developguidelines for the administration of the grant program established by thischapter.

The Board shall determine the terms and conditions of any loan from the Fund;however, it is the intent of this chapter that the Board make long-termno-interest loans to localities to encourage utilization of any availablefunds. All loans from the Fund shall be evidenced by appropriate notes of theloan recipient payable to the Fund. The Director of the Department isauthorized to require in connection with any loan from the Fund anydocuments, instruments, certificates, legal opinions or other information hedeems necessary or convenient.

(2000, c. 757.)