Title 2.2. Administration of Government
Chapter 27.2. Virginia Business Ready Sites Acquisition Fund and Program
§ 2.2-2760. Definitions.
As used in this chapter, unless the context requires a different meaning:
"Authority" means the Virginia Economic Development Partnership Authority.
"Commission" means the MEI Project Approval Commission established by § 30-309.
"Department" means the Department of General Services.
"Development" means improvements designed to prepare a site for construction or higher use than was possible in the site's natural state or its state at the time of acquisition.
"Due diligence" means undertaking (i) necessary land title, valuation, environmental, engineering, or technical studies; (ii) professional or consulting services related to a site or site selection; or (iii) any other similar activities.
"Eligible acquisition site" means a site suitable to be marketed for economic development purposes. An eligible acquisition site shall meet, or be expected to meet, each of the following criteria: (i) the site is at least 500 contiguous acres and (ii) the site presents a significant opportunity for the Commonwealth to attract a large-scale economic development project. An eligible acquisition site need not be zoned for an economic development use to be considered an eligible acquisition site.
"Fund" means the Virginia Business Ready Sites Acquisition Fund established by § 2.2-2762.
"Large-scale economic development project" means an economic development project that involves a capital investment of at least $250 million and that creates at least 250 new jobs.
"Program" means the Virginia Business Ready Sites Acquisition Program established by § 2.2-2761.
"Project development agreement" means an agreement by which the Authority sells, leases, transfers, or otherwise disposes of an eligible acquisition site to a private employer for a large-scale economic development project. A project development agreement shall require that the new jobs created by the large-scale economic development project pay at least 100 percent of the prevailing wage for the locality in which the project is located.
"Region" means the same as that term is defined in § 2.2-2484.
"Site acquisition activities" means the completion of due diligence activities, as well as the purchasing or optioning of an eligible acquisition site for purposes of the Program.
"Site development activities" means development of a site. Site development activities include clearing, grading, improving drainage, constructing pads, mitigating environmental concerns, providing road or rail access to the site, securing rights-of-way and easements, extending utilities to the site, and undertaking other similar activities.
2023, c. 779.
