59.1-545 - Application review. - Virginia Statutes

§ 59.1-545. Application review.

A. After announcement of a periodic zone designation application process, theDepartment shall review each application upon receipt and secure anyadditional information that it deems necessary for the purpose of evaluatingthe need and potential impact of a zone designation.

B. The Department shall complete review of the applications within 60 days ofthe last date designated for receipt of an application. After review of theapplications the Director of the Department shall recommend to the Governorthose applications with the greatest potential for accomplishing the purposeof this chapter. If an application is denied, the governing body shall beinformed of that fact, along with the reasons for the denial.

C. Consideration for enterprise zone designations shall be based upon thelocality-wide need and impact of such a designation. Need shall be assessedin part by the following distress factors: (i) the average unemployment ratefor the locality over the most recent three-year period, (ii) the averagemedian adjusted gross income for the locality over the most recent three-yearperiod, and (iii) the average percentage of public school students within thelocality receiving free or reduced price lunches over the most recentthree-year period. These distress factors shall account for at least 50percent of the consideration given to local governments' applications forenterprise zone designation.

(2005, cc. 863, 884.)