SB28:

Virginia Business Ready Sites Program Fund; created.

Bill Summary:

Economic development; Virginia Business Ready Sites Program Fund created. Establishes the Virginia Business Ready Sites Program Fund (the Fund), to be administered by the Governor and the Virginia Economic Development Partnership Authority in order to provide grants on a competitive basis to political subdivisions to prepare sites for industrial or commercial development. The bill repeals existing law that created the Major Employment and Investment Project Site Planning Grant Fund and provides that any remaining funds would be allocated to the Fund. The bill also authorizes grants from the Virginia Brownfields Restoration and Economic Redevelopment Assistance Fund for site remediation and requires the prioritization of sites with potential for redevelopment and economic benefits to the surrounding community.