15.2-5807 - Acquisition of property. - Virginia Statutes

§ 15.2-5807. Acquisition of property.

A. The Authority may acquire in its own name, by gift or purchase, any realor personal property, or interests in property, necessary or convenient toconstruct or operate any facility.

B. In any jurisdiction where planning, zoning, and development regulationsmay apply, the Authority shall comply with and is subject to thoseregulations to the same extent as a private commercial or industrialenterprise.

C. This section does not affect the right of the Authority to acquire anoption for acquisition of the property, prior to 2000, once the approvalrequired by this section is obtained.

D. Any locality shall have the power to acquire by eminent domain, in themanner and in accordance with the procedure provided in Chapter 2 (§ 25.1-200et seq.) of Title 25.1, any real property, including fixtures andimprovements, and personal property, including any interest, right, easement,or estate therein, located within such locality for public purposes. Forpurposes of this section, public purpose means the construction and operationof any facility, as defined in § 15.2-5800, when determined by the governingbody of such locality that the construction and operation of such a facilitywould enhance the economic development, resources, or advantages of thelocality. In furtherance of this public purpose, the locality may convey anysuch real property, including fixtures and improvements, and personalproperty acquired pursuant to this section to the Authority, by sale, gift orlease, upon terms mutually agreed upon by the Authority and the locality. TheAuthority and locality may enter into agreements regarding the initiation andprosecution of such condemnation proceedings, including payment andreimbursement of any costs, fees, expenses, or awards resulting from theproceedings. Upon the written request of the Authority, the locality in whichthe stadium site is proposed may, by majority vote, exercise its power ofeminent domain as provided herein.

(1992, c. 823, § 15.1-227.77; 1995, cc. 613, 629; 1996, cc. 950, 1038; 1997,c. 587; 2003, c. 940.)