Action:
Enterprise Zone Grant Program Regulation
Action 3119
General Information
| Action Summary |
This action is required to align Regulations with the changes in the Virginia Enterprise Zone statute made by the 2009 General Assembly. Revisions necessitated by the General Assembly’s changes are detailed below.
-Update 13VAC5-112-340 Computation of the Real Property Investment Grant:
-Increase from $50,000 to $100,000 the minimum eligibility investment for rehabilitation or expansion of a building
-Increase from $250,000 to $500,000 the minimum eligibility investment new construction
-Calculate grants at a rate of 20 percent of the amount of qualified real property investment in excess of the appropriate minimum investment threshold
-Adjust grant caps to $100,000 for investors making $5 million or less in qualified real property investment (down from $125,000)
-Adjust grant caps to $200,000 for investors making more than $5 million in qualified real property investment (down from $250,000)
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| Chapters Affected |
Only affects this chapter.
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| Executive Branch Review |
This Action is exempt from Article 2 of the Administrative Process Act.
The normal executive branch review process is not required. As such, it can be submitted directly for publication and
is effective upon publication.
Exempt Citation:
2.2-4006 4(a)
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| RIS Project |
Yes [001819] |
| New Periodic Review |
This action will not be used to conduct a new periodic review.
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Stages
Stages associated with this regulatory action.
| Stage ID |
Stage Type |
Status |
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5249
|
Final
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Stage complete. This regulation became effective on 10/14/2009. |
Contact Information
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Name / Title:
|
Chase Sawyer
/
Policy & Legislative Services Manager
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Address:
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Main Street Centre
600 East Main Street, Suite 300
Richmond, VA 23219
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Email Address:
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Chase.Sawyer@dhcd.virginia.gov
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Phone:
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(804)310-5872
FAX: (804)371-7090
TDD: (804)371-7089
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This person is the primary contact for this agency.
