2006 Code of Virginia § 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 total amount of grants for which qualified business firms areeligible under 59.1-547 exceeds the annual appropriation for such grants,then the amount of grant that each qualified business firm is eligible forshall be prorated in a proportional manner.

C. If the total amount of grants for which qualified business firms areeligible under 59.1-547 is less than the annual appropriation for suchgrants, then any amount remaining after all eligible grants have beenallocated shall be made available to meet any unmet eligible grant requestspursuant to 59.1-548.

D. If the total amount of grants for which qualified zone investors areeligible under 59.1-548 exceeds the annual appropriation for such grants,then the amount of grant for which each qualified zone investor is eligibleshall be prorated in a proportional manner.

E. If the total amount of grants for which qualified zone investors areeligible under 59.1-548 is less than the annual appropriation for suchgrants, then any amount remaining after all eligible grants have beenallocated shall be made available to meet any unmet eligible grant requestspursuant to 59.1-547.

F. 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.

G. 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.

H. 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.

I. The Department may at any time review qualified zone businesses andqualified zone investors to assure that information provided in theapplication process is accurate.

J. 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.

K. 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.

L. 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.)