Section 530. Procedures for zone renewal

Part XII. Procedures for Enterprise Zone Renewal

A. Enterprise zones designated pursuant to 13VAC5-112-460 are in effect for an initial 10-year period with up to two five-year renewal periods, except as provided for in 13VAC5-112-510 and 13VAC5-112-520. Recommendations for five-year renewals shall be based on the locality's performance of its enterprise zone responsibilities, the continued need for such a zone, and its effectiveness in creating jobs and capital investment. The following procedures shall be used in considering such an enterprise zone for renewal.

B. In anticipation of the tenth and fifteen anniversaries of an enterprise zone's designation, the locality(s) shall submit to the department on the prescribed form information regarding, but not limited to, (i) the area conditions; (ii) the continued need for the enterprise zone; (iii) its long-term effectiveness in creating jobs and capital investment. The department shall also consider the locality(s) long-term performance of enterprise zone responsibilities.

C. A jurisdiction that has shown satisfactory performance and effectiveness, or that is making steady improvement in performance and effectiveness or has a continued need for an enterprise zone will be recommended to the Governor by the department for an additional five-year designation period. No enterprise zone designation shall be in effect more than 20 years.

D. A jurisdiction that has shown consistently poor performance and effectiveness or that no longer needs an enterprise zone will not be recommended for renewal and will be notified of such in writing by the department.

Historical Notes

Derived from Volume 23, Issue 12, eff. March 21, 2007.

Statutory Authority

§ 59.1-541 of the Code of Virginia.