2.2-5102 - Performance grant for major eligible manufacturers.
§ 2.2-5102. Performance grant for major eligible manufacturers.
A. As used in this section, "major eligible employer" means any eligiblemanufacturer or other nonmanufacturing basic employer that makes a capitalinvestment of at least $100 million that results in the creation of at least1,000 new jobs. For corporate headquarters and other basic employers thatmake a capital investment of at least $100 million and create at least 400new jobs paying at least twice the prevailing average wage for the area, the1,000 job requirement may be reduced in proportion to the factor by which thewages for the new jobs exceed the prevailing average wage for the area. Allother provisions of this chapter shall apply equally to major eligiblemanufacturers and major eligible nonmanufacturing basic employers, in thischapter collectively referred to as "major eligible employers."
B. Subject to the appropriation by the General Assembly of sufficient moneysto the Major Eligible Employer Grant subfund, any major eligible employershall be eligible for a grant under this section of up to $25 million, to bepayable from such subfund over a period of not less than five years and notmore than seven years, commencing in the sixth year following the approval bythe Secretary of the employer's grant application. Any major eligibleemployer located in a fiscally distressed area of the State, as defined inthe guidelines implementing this chapter, shall be eligible to beginreceiving grants in the fourth year after the capital investment is completedand verified.
C. The Partnership shall establish an application process by which majoreligible employers may apply for a grant under this section. An applicationfor a grant under this section shall not be approved until the Partnershiphas verified that the capital investment has been completed.
D. The Comptroller shall not draw any warrants to issue checks for grantsunder this chapter without a specific legislative appropriation as specifiedin conditions and restrictions on expenditures in the appropriation act. Thepayment of any grant under this section shall be in accordance with the termsand conditions set forth in a memorandum of understanding between a majoreligible employer and the Commonwealth. These terms and conditions shallsupplement the provisions of this chapter and shall include but not belimited to the terms of the payment of the grant. The payment of the grantshall be made in full or in proportion to a major eligible employer'sfulfillment of the terms of the memorandum of understanding. The Secretaryshall consult with the House Committee on Appropriations and the SenateCommittee on Finance prior to entering into any memorandum of understanding.The House Committee on Appropriations and the Senate Committee on Financeshall have the opportunity to review any memorandum of understanding prior toits execution by the Commonwealth.
(1999, cc. 875, 961, § 2.1-548.43:4; 2000, c. 571; 2001, c. 844; 2003, c. 17.)