15.2-941 - Participation by local government in certain loan programs. - Virginia Statutes

§ 15.2-941. Participation by local government in certain loan programs.

Any locality or other political subdivision may participate in a programknown as the "Virginia Shell Building Initiative." It is the intent of theGeneral Assembly that this program, administered by the Virginia EconomicDevelopment Partnership, make available moneys to any locality or any otherpolitical subdivision for the express purpose of constructing industrialshell buildings, or renovating existing buildings, to be sold or leased atpublic or private sale to any person that will locate thereon anymanufacturing, processing, technology-related or similar establishment.

Prior to filing an application with the Authority to participate in thisprogram, the governing body shall hold a public hearing on the applicationand disposal of the proposed industrial shell buildings and related realestate. This public hearing process shall fulfill the public hearingrequirements for the disposal of property set forth in § 15.2-1800.

(1989, c. 285, § 15.1-18.4; 1996, cc. 590, 598; 1997, c. 587; 2001, c. 66.)