Section 400. Allocating enterprise zone grants

Part VI. Policies and Procedures for Enterprise Zone Grants

A. Qualified business firms and qualified zone investors shall be eligible to receive enterprise zone grants provided for in 13VAC5-112-260 and 13VAC5-112-330 to the extent that they apply for and are approved for grant allocations through the department.

B. Upon receiving applications for grants provided for under 13VAC5-112-260 and 13VAC5-112-330, the department shall determine the amount of the grant to be allocated to each eligible business firm and zone investor.

C. The department shall prioritize allocations to fully fund the grants under 13VAC5-112-260 with any remaining funds to be allocated to grants under 13VAC5-112-330. In such cases, the amount of the grant that each qualified zone investor is eligible for under 13VAC5-112-330 shall be prorated in a proportional manner based on the funds remaining in the annual appropriation after full payment of the grants under 13VAC5-112-260.

Historical Notes

Derived from Volume 23, Issue 12, eff. March 21, 2007; amended, Virginia Register Volume 26, Issue 01, eff. October 14, 2009; Volume 26, Issue 22, eff. August 4, 2010.

Statutory Authority

§ 59.1-541 of the Code of Virginia.