Terms Used In Virginia Code > Title 59.1 > Chapter 22.20 - Precision Plastic Manufacturing Grant Fund

• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Capital investment: means an expenditure by or on behalf of a qualified company on or after June 1, 2022, in real property, tangible personal property, or both, at a facility in an eligible county that is properly chargeable to a capital account or would be so chargeable with a proper election. See Virginia Code 59.1-284.41
• Eligible county: means Chesterfield County. See Virginia Code 59.1-284.41
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Facility: means the building, group of buildings, or corporate campus, including any related machinery and tools, furniture, fixtures, and business personal property, that is located at or near a qualified company's operations in an eligible county and is owned, leased, licensed, occupied, or otherwise operated by a qualified company as a temporary or permanent manufacturing and distribution facility for use in the administration, management, and operation of its business. See Virginia Code 59.1-284.41
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fund: means the Precision Plastic Manufacturing Grant Fund. See Virginia Code 59.1-284.41
• Grants: means the grant payments from the Fund awarded to a qualified company in an aggregate not to exceed $56 million. See Virginia Code 59.1-284.41
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Memorandum of understanding: means a performance agreement or related documents entered into on or before June 1, 2022, by a qualified company, the Commonwealth, and VEDP that sets forth the requirements for capital investment and the creation of new full-time jobs by a qualified company in order for a qualified company to be eligible for grants from the Fund. See Virginia Code 59.1-284.41
• New full-time job: means a job position, in which the employee of a qualified company is principally located at a facility, for which the average annual wage for the applicable year is at least equal to the average annual wage for that year required by the memorandum of understanding and the qualified company provides standard fringe benefits. See Virginia Code 59.1-284.41
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
• Personal property: All property that is not real property.
• Qualified company: means a company, including its affiliates, that engages in the manufacture and distribution of precision plastic products in an eligible county and that between June 1, 2022, and December 31, 2035, is expected to (i) make a capital investment of at least $1 billion and (ii) create at least 1,761 new full-time jobs related to or supportive of its business. See Virginia Code 59.1-284.41
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Secretary: means the Secretary of Commerce and Trade or his designee. See Virginia Code 59.1-284.41
• State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
• VEDP: means the Virginia Economic Development Partnership Authority. See Virginia Code 59.1-284.41