2.2-2240.2 - (For contingent expiration - see Editor's note) Major Employment and Investment Project Site Planning Grant Fund established. - Virginia Statutes

§ 2.2-2240.2. (For contingent expiration - see Editor's note) MajorEmployment and Investment Project Site Planning Grant Fund established.

A. There is hereby created in the state treasury a special nonreverting fundto be known as the MEI Site Planning Grant Fund, hereafter referred to as"the Fund," to be administered by the Authority. The Fund shall consist ofsuch funds as may be appropriated by the General Assembly and any gifts,grants, or donations from public or private sources. The Fund shall beestablished on the books of the Comptroller. Interest earned on moneys in theFund shall remain in the Fund and be credited to it. Any moneys remaining inthe Fund, including interest thereon, at the end of each fiscal year shallnot revert to the general fund but shall remain in the Fund. Expenditures anddisbursements from the Fund shall be made by the State Treasurer on warrantsissued by the Comptroller upon written request signed by the ExecutiveDirector of the Authority.

B. Moneys in the Fund shall be used for the sole purpose of awarding grantson a competitive basis to political subdivisions to assist in the performanceof site and site development work for prospective MEI projects, subject tothe approval by the Governor. The Authority shall establish guidelines forawarding site planning grants that give consideration in order to (i) ensuregeographical representation of awards, (ii) limit the amount of annualrecipients, (iii) identify strategic targets and select sites that arecompatible with the strategic targets, and (iv) promote regional revenuesharing.

C. For the purposes of this section:

"Local government" means the same as that term is defined in § 62.1-199.

"Major Employment and Investment project" or "MEI project" means the sameas that term is defined in § 2.2-2260.

(2010, cc. 487, 536.)