59.1-546 - Review and termination of enterprise zones. - Virginia Statutes

§ 59.1-546. Review and termination of enterprise zones.

A. If the local governing body is unable or unwilling to provide thespecified local incentives as proposed in its application for zonedesignation or as approved by the Department in an amendment, the zonedesignation shall terminate. Qualified business firms located in suchenterprise zone shall be eligible to receive the incentives provided by thischapter even though the zone designation has terminated. No business firm maybecome a qualified business firm after the date of zone termination.

B. If no business firms have qualified for incentives as provided for in thischapter within a five-year period, the Department shall terminate thatenterprise zone designation.

C. The Department shall review the effectiveness in creating jobs and capitalinvestment and activity occurring within designated enterprise zones andshall annually report its findings to the Senate Finance Committee, theSenate Committee on Commerce and Labor, the House Appropriations Committee,and the House Committee on Commerce and Labor.

(2005, cc. 863, 884.)