The objective of the Program shall be to identify and fill gaps in the Commonwealth’s current portfolio of industrial properties available for large-scale economic development projects in order to accelerate economic growth in all regions of the Commonwealth. In evaluating sites to acquire, option, develop, or market for purposes of the Program, the Authority shall consider (i) the potential of the site to fill a gap in the inventory of needed project-ready sites in the Commonwealth, (ii) the scope and cost of the work required to make the site project ready, (iii) the potential return on investment for the Commonwealth for the cost of acquiring and developing the site, and (iv) the type of industry or business for which the site would be suitable.

Terms Used In Virginia Code 2.2-2763

  • Authority: means the Virginia Economic Development Partnership Authority. See Virginia Code 2.2-2760
  • Development: means improvements designed to prepare a site for construction or higher use than was possible in the site's natural state or its state at the time of acquisition. See Virginia Code 2.2-2760
  • Program: means the Virginia Business Ready Sites Acquisition Program established by § 2. See Virginia Code 2.2-2760

2023, c. 779.

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