58.1-3245.7 - Promotion of development of local enterprise zones. - Virginia Statutes

§ 58.1-3245.7. Promotion of development of local enterprise zones.

It is hereby found and declared that the health, safety, and welfare of thecitizens of the Commonwealth are dependent upon the continual encouragement,development, growth, and expansion of the private sector within theCommonwealth and that there are certain areas in the Commonwealth that needthe attention of local governments to attract private sector investment.Local government efforts to encourage private investment in areas designatedby the Governor as enterprise zones will complement the efforts of theCommonwealth to stimulate business and industrial growth in such areas. It isessential to the public interest that governing bodies of counties, cities,and towns have authority to use tax increments to encourage privateinvestment in local enterprise zones.

(1997, c. 314.)