36-169 - Review and termination of housing revitalization zone. - Virginia Statutes

§ 36-169. Review and termination of housing revitalization zone.

A. Upon designation of an area as a housing revitalization zone, theproposals for regulatory flexibility, tax incentives and other publicincentives specified in this chapter shall be binding upon the localgoverning body to the extent and for the period of time specified in theapplication for zone designation. If the local governing body is unable orunwilling to provide the regulatory flexibility, tax incentives or otherpublic incentives as proposed in the application for zone designation, thehousing revitalization zone shall terminate. Notwithstanding the provisionsof § 36-166, qualified business firms and qualified owner occupants locatedin such housing revitalization zone shall be eligible to receive the grantsprovided by this chapter for a period of two years after the zone designationhas terminated. No business firm or owner occupant may become a qualifiedbusiness firm or qualified owner occupant after the date of zone termination.The governing body may amend its application with the approval of theDepartment, provided the governing body proposes an incentive equal to orsuperior to the unamended application.

B. The Department shall periodically review the effectiveness of the grantprogram and local incentives in increasing investment in each housingrevitalization zone. If no business firms or owner occupants in a housingrevitalization zone have qualified for grants provided pursuant to thischapter within a five-year period, the Department shall terminate thathousing revitalization zone designation.

(2000, cc. 789, 795; 2004, c. 577.)