§ 2.2-5101. Virginia Investment Performance Grants.
A. Subject to the appropriation by the General Assembly of sufficient moneysto the Investment Performance Grant subfund, any eligible manufacturer orresearch and development service that is not eligible for a major eligibleemployer grant under § 2.2-5102 shall be eligible for an investmentperformance grant as provided in this section.
B. The Partnership shall establish an application process by which eligiblemanufacturers and research and development services may apply for a grantunder this section. An application for a grant under this section shall notbe approved until the Partnership has verified that the capital investmenthas been completed.
C. The amount of the investment performance grant that an eligiblemanufacturer or research and development service shall be eligible to receiveunder this section shall be determined by the Secretary, based on therecommendation of the Partnership, and contingent upon approval by theGovernor. The determination of the appropriate amount of an investmentperformance grant shall be based on the application of guidelines thatestablish criteria for correlating the amount of a grant to the relativevalue to the Commonwealth of the eligible investment.
D. The Partnership shall assist the Secretary in developing objectiveguidelines that shall be used in awarding investment performance grants. Nogrant shall be awarded until the Secretary has provided copies of suchguidelines for review to the chairmen of the House Committee onAppropriations and the Senate Committee on Finance. The preparation of theguidelines shall be exempt from the requirements of Article 2 (§ 2.2-4006 etseq.) of the Administrative Process Act (§ 2.2-4000 et seq.). The guidelinesshall require determinations regarding the amount of investment performancegrants to address:
1. The number of new jobs created by the capital investment;
2. The wages paid for the new jobs and the amount by which wages exceed theaverage manufacturing wage for the locality or region;
3. The extent to which the capital investment produces (i) measurableincreases in capacity, productivity, or both; (ii) measurable decreases inthe production of flawed product; or (iii) measurable advances in knowledge,research, or the application of research findings for the creation of new orsignificantly improved products or processes that support manufacturing;
4. The amount of the capital investment;
5. The net present value of benefits to Virginia;
6. The amount of other incentives offered by the Commonwealth and thelocality; and
7. The importance of the manufacturing or research and development facilityto the economy of the locality or region.
The guidelines shall also address the eligibility of manufacturers orresearch and development services that make a capital investment in phasesover a period of years, and limits on eligibility for multiple grants by thesame manufacturer or research and development service within stated periodsof time.
E. The amount of an investment performance grant to any eligible manufacturerunder this section shall not exceed $3 million or 10 percent of the amountappropriated by the General Assembly to the Investment Performance Grantsubfund in the year that the terms of a grant are determined. For alleligible projects awarded grants on or after July 1, 2005, and before July 1,2009, the amount of an investment performance grant to any recipient underthis section shall not exceed $1.5 million. For eligible projects awardedgrants on or after July 1, 2009, the amount of an investment performancegrant to any recipient under this section shall not exceed $3 million, exceptfor eligible projects that demonstrate extraordinary characteristicsdescribed in guidelines implementing this chapter the amount of an investmentperformance grant to any such recipient under this section shall not exceed$5 million.
F. For all eligible projects awarded grants before July 1, 2005, theaggregate amount of investment performance grants approved under this sectionin any year shall not exceed $6 million, and the aggregate amount of grantsoutstanding to all eligible manufacturers under this section for all yearsshall at no time exceed $30 million. For all such grants awarded prior tothat date, the annual obligations of the Commonwealth to make grant paymentsto individual eligible manufacturers under this section shall not exceed$600,000. For all eligible projects awarded grants on or after July 1, 2005,and before July 1, 2009, the aggregate amount of investment performancegrants approved under this section in any year shall not exceed $3 million,and the aggregate amount of such grants awarded after that date andoutstanding at any time shall not exceed $15 million. For all such grantsawarded on or after that date, the annual obligations of the Commonwealth tomake grant payments to individual recipients under this section shall notexceed $300,000. For all eligible projects awarded grants on or after July 1,2009, the aggregate amount of investment performance grants approved underthis section in any year shall not exceed $6 million, and the aggregateamount of such grants awarded after that date and outstanding at any timeshall not exceed $30 million. For all such grants awarded on or after thatdate, the annual obligations of the Commonwealth to make grant payments toindividual recipients under this section shall not exceed $1 million.
G. Any eligible manufacturer or research and development service shall beeligible to receive a grant from the Fund in five equal installmentsbeginning in the third year after the capital investment is completed and thePartnership has verified that the requirements applicable to such grant havebeen satisfied. Any eligible manufacturer or research and development servicelocated in a fiscally distressed area of the State, as defined in theguidelines implementing this chapter, shall be eligible to begin receivinggrants in the second year after the capital investment is completed andverified.
(1999, cc. 875, 961, § 2.1-548.43:3; 2000, c. 571; 2001, c. 844; 2003, c. 17;2005, c. 431; 2007, c. 384; 2009, cc. 267, 423.)
§ 2.2-5101. Virginia Investment Performance Grants.
A. Subject to the appropriation by the General Assembly of sufficient moneysto the Investment Performance Grant subfund, any eligible manufacturer orresearch and development service that is not eligible for a major eligibleemployer grant under § 2.2-5102 shall be eligible for an investmentperformance grant as provided in this section.
B. The Partnership shall establish an application process by which eligiblemanufacturers and research and development services may apply for a grantunder this section. An application for a grant under this section shall notbe approved until the Partnership has verified that the capital investmenthas been completed.
C. The amount of the investment performance grant that an eligiblemanufacturer or research and development service shall be eligible to receiveunder this section shall be determined by the Secretary, based on therecommendation of the Partnership, and contingent upon approval by theGovernor. The determination of the appropriate amount of an investmentperformance grant shall be based on the application of guidelines thatestablish criteria for correlating the amount of a grant to the relativevalue to the Commonwealth of the eligible investment.
D. The Partnership shall assist the Secretary in developing objectiveguidelines that shall be used in awarding investment performance grants. Nogrant shall be awarded until the Secretary has provided copies of suchguidelines for review to the chairmen of the House Committee onAppropriations and the Senate Committee on Finance. The preparation of theguidelines shall be exempt from the requirements of Article 2 (§ 2.2-4006 etseq.) of the Administrative Process Act (§ 2.2-4000 et seq.). The guidelinesshall require determinations regarding the amount of investment performancegrants to address:
1. The number of new jobs created by the capital investment;
2. The wages paid for the new jobs and the amount by which wages exceed theaverage manufacturing wage for the locality or region;
3. The extent to which the capital investment produces (i) measurableincreases in capacity, productivity, or both; (ii) measurable decreases inthe production of flawed product; or (iii) measurable advances in knowledge,research, or the application of research findings for the creation of new orsignificantly improved products or processes that support manufacturing;
4. The amount of the capital investment;
5. The net present value of benefits to Virginia;
6. The amount of other incentives offered by the Commonwealth and thelocality; and
7. The importance of the manufacturing or research and development facilityto the economy of the locality or region.
The guidelines shall also address the eligibility of manufacturers orresearch and development services that make a capital investment in phasesover a period of years, and limits on eligibility for multiple grants by thesame manufacturer or research and development service within stated periodsof time.
E. The amount of an investment performance grant to any eligible manufacturerunder this section shall not exceed $3 million or 10 percent of the amountappropriated by the General Assembly to the Investment Performance Grantsubfund in the year that the terms of a grant are determined. For alleligible projects awarded grants on or after July 1, 2005, and before July 1,2009, the amount of an investment performance grant to any recipient underthis section shall not exceed $1.5 million. For eligible projects awardedgrants on or after July 1, 2009, the amount of an investment performancegrant to any recipient under this section shall not exceed $3 million, exceptfor eligible projects that demonstrate extraordinary characteristicsdescribed in guidelines implementing this chapter the amount of an investmentperformance grant to any such recipient under this section shall not exceed$5 million.
F. For all eligible projects awarded grants before July 1, 2005, theaggregate amount of investment performance grants approved under this sectionin any year shall not exceed $6 million, and the aggregate amount of grantsoutstanding to all eligible manufacturers under this section for all yearsshall at no time exceed $30 million. For all such grants awarded prior tothat date, the annual obligations of the Commonwealth to make grant paymentsto individual eligible manufacturers under this section shall not exceed$600,000. For all eligible projects awarded grants on or after July 1, 2005,and before July 1, 2009, the aggregate amount of investment performancegrants approved under this section in any year shall not exceed $3 million,and the aggregate amount of such grants awarded after that date andoutstanding at any time shall not exceed $15 million. For all such grantsawarded on or after that date, the annual obligations of the Commonwealth tomake grant payments to individual recipients under this section shall notexceed $300,000. For all eligible projects awarded grants on or after July 1,2009, the aggregate amount of investment performance grants approved underthis section in any year shall not exceed $6 million, and the aggregateamount of such grants awarded after that date and outstanding at any timeshall not exceed $30 million. For all such grants awarded on or after thatdate, the annual obligations of the Commonwealth to make grant payments toindividual recipients under this section shall not exceed $1 million.
G. Any eligible manufacturer or research and development service shall beeligible to receive a grant from the Fund in five equal installmentsbeginning in the third year after the capital investment is completed and thePartnership has verified that the requirements applicable to such grant havebeen satisfied. Any eligible manufacturer or research and development servicelocated in a fiscally distressed area of the State, as defined in theguidelines implementing this chapter, shall be eligible to begin receivinggrants in the second year after the capital investment is completed andverified.
(1999, cc. 875, 961, § 2.1-548.43:3; 2000, c. 571; 2001, c. 844; 2003, c. 17;2005, c. 431; 2007, c. 384; 2009, cc. 267, 423.)
§ 2.2-5101. Virginia Investment Performance Grants.
A. Subject to the appropriation by the General Assembly of sufficient moneysto the Investment Performance Grant subfund, any eligible manufacturer orresearch and development service that is not eligible for a major eligibleemployer grant under § 2.2-5102 shall be eligible for an investmentperformance grant as provided in this section.
B. The Partnership shall establish an application process by which eligiblemanufacturers and research and development services may apply for a grantunder this section. An application for a grant under this section shall notbe approved until the Partnership has verified that the capital investmenthas been completed.
C. The amount of the investment performance grant that an eligiblemanufacturer or research and development service shall be eligible to receiveunder this section shall be determined by the Secretary, based on therecommendation of the Partnership, and contingent upon approval by theGovernor. The determination of the appropriate amount of an investmentperformance grant shall be based on the application of guidelines thatestablish criteria for correlating the amount of a grant to the relativevalue to the Commonwealth of the eligible investment.
D. The Partnership shall assist the Secretary in developing objectiveguidelines that shall be used in awarding investment performance grants. Nogrant shall be awarded until the Secretary has provided copies of suchguidelines for review to the chairmen of the House Committee onAppropriations and the Senate Committee on Finance. The preparation of theguidelines shall be exempt from the requirements of Article 2 (§ 2.2-4006 etseq.) of the Administrative Process Act (§ 2.2-4000 et seq.). The guidelinesshall require determinations regarding the amount of investment performancegrants to address:
1. The number of new jobs created by the capital investment;
2. The wages paid for the new jobs and the amount by which wages exceed theaverage manufacturing wage for the locality or region;
3. The extent to which the capital investment produces (i) measurableincreases in capacity, productivity, or both; (ii) measurable decreases inthe production of flawed product; or (iii) measurable advances in knowledge,research, or the application of research findings for the creation of new orsignificantly improved products or processes that support manufacturing;
4. The amount of the capital investment;
5. The net present value of benefits to Virginia;
6. The amount of other incentives offered by the Commonwealth and thelocality; and
7. The importance of the manufacturing or research and development facilityto the economy of the locality or region.
The guidelines shall also address the eligibility of manufacturers orresearch and development services that make a capital investment in phasesover a period of years, and limits on eligibility for multiple grants by thesame manufacturer or research and development service within stated periodsof time.
E. The amount of an investment performance grant to any eligible manufacturerunder this section shall not exceed $3 million or 10 percent of the amountappropriated by the General Assembly to the Investment Performance Grantsubfund in the year that the terms of a grant are determined. For alleligible projects awarded grants on or after July 1, 2005, and before July 1,2009, the amount of an investment performance grant to any recipient underthis section shall not exceed $1.5 million. For eligible projects awardedgrants on or after July 1, 2009, the amount of an investment performancegrant to any recipient under this section shall not exceed $3 million, exceptfor eligible projects that demonstrate extraordinary characteristicsdescribed in guidelines implementing this chapter the amount of an investmentperformance grant to any such recipient under this section shall not exceed$5 million.
F. For all eligible projects awarded grants before July 1, 2005, theaggregate amount of investment performance grants approved under this sectionin any year shall not exceed $6 million, and the aggregate amount of grantsoutstanding to all eligible manufacturers under this section for all yearsshall at no time exceed $30 million. For all such grants awarded prior tothat date, the annual obligations of the Commonwealth to make grant paymentsto individual eligible manufacturers under this section shall not exceed$600,000. For all eligible projects awarded grants on or after July 1, 2005,and before July 1, 2009, the aggregate amount of investment performancegrants approved under this section in any year shall not exceed $3 million,and the aggregate amount of such grants awarded after that date andoutstanding at any time shall not exceed $15 million. For all such grantsawarded on or after that date, the annual obligations of the Commonwealth tomake grant payments to individual recipients under this section shall notexceed $300,000. For all eligible projects awarded grants on or after July 1,2009, the aggregate amount of investment performance grants approved underthis section in any year shall not exceed $6 million, and the aggregateamount of such grants awarded after that date and outstanding at any timeshall not exceed $30 million. For all such grants awarded on or after thatdate, the annual obligations of the Commonwealth to make grant payments toindividual recipients under this section shall not exceed $1 million.
G. Any eligible manufacturer or research and development service shall beeligible to receive a grant from the Fund in five equal installmentsbeginning in the third year after the capital investment is completed and thePartnership has verified that the requirements applicable to such grant havebeen satisfied. Any eligible manufacturer or research and development servicelocated in a fiscally distressed area of the State, as defined in theguidelines implementing this chapter, shall be eligible to begin receivinggrants in the second year after the capital investment is completed andverified.
(1999, cc. 875, 961, § 2.1-548.43:3; 2000, c. 571; 2001, c. 844; 2003, c. 17;2005, c. 431; 2007, c. 384; 2009, cc. 267, 423.)
