59.1-549 - Policies and procedures for allocation of enterprise zone incentive grants.
§ 59.1-549. Policies and procedures for allocation of enterprise zoneincentive grants.
A. Qualified business firms and qualified zone investors shall be eligible toreceive enterprise zone incentive grants provided for in this chapter to theextent that they apply for and are approved for grant allocations through theDepartment.
B. If the sum of (i) the total amount of grants for which qualified businessfirms are eligible under § 59.1-547 plus (ii) the total amount of grants forwhich qualified zone investors are eligible under § 59.1-548 exceeds thetotal annual appropriation for the payment of all grants under this chapterfor the relevant year, then the amount of the grant that each qualifiedbusiness firm and qualified zone investor is eligible for shall be proratedin a proportional manner. The Department shall prioritize allocations tofully fund the grants under § 59.1-547 with any remaining funds to beallocated to grants under § 59.1-548. In such cases, the amount of the grantthat each qualified zone investor is eligible for under § 59.1-548 shall beprorated in a proportional manner based on the funds remaining in the annualappropriation after full payment of the grants under § 59.1-547.
C. Qualified zone businesses and qualified zone investors shall makeapplication to the Department each year for which they seek eligibility forenterprise zone incentive grants. Such application is to be in accordancewith regulations promulgated by the Board on forms supplied by the Departmentand in accordance with dates specified by the Department.
D. The accuracy and validity of information on qualified real propertyinvestments, permanent full-time positions, wage rates and provision ofhealth benefits provided in such applications are to be attested to by anindependent certified public accountant licensed in Virginia through anagreed-upon procedures engagement conducted in accordance with attestationstandards established by the American Institute of Certified PublicAccountants, using procedures provided by the Department.
E. Applicants for enterprise zone incentive grants under this chapter musthave the local zone administrator verify that the location of their businessor property is in the enterprise zone using a form supplied by theDepartment. The local zone administrator shall make this verification inaccordance with dates specified by the Department.
F. The Department may at any time review qualified zone businesses andqualified zone investors to assure that information provided in theapplication process is accurate.
G. Qualified zone businesses shall maintain all documentation regardingqualification for enterprise zone job creation grants for at least one yearafter the final year of their five-year grant period. Qualified zoneinvestors shall maintain all documentation regarding qualification forenterprise zone incentive grants for a minimum of three years following thereceipt of any grant.
H. Enterprise zone incentive grants that do not have adequate documentationregarding qualified real property investments, permanent full-time positions,wage rates and provision of health benefits may be subject to repayment bythe qualified zone business or qualified zone investor.
I. Actions of the Department relating to the approval or denial ofapplications for enterprise zone incentive grants under this chapter shall beexempt from the provisions of the Administrative Process Act pursuant tosubdivision B 4 of § 2.2-4002.
(2005, cc. 863, 884; 2009, cc. 207, 271; 2010, c. 328.)