Terms Used In Virginia Code > Title 2.2 > Subtitle I > Part D > Chapter 27.2 - Virginia Business Ready Sites Acquisition Fund and Program

• Asbestos: means any material containing more than one percent of the asbestiform varieties of:

  1. See Virginia Code 2.2-1162

• Contract: A legal written agreement that becomes binding when signed.
• Director: means the Director of the Department of General Services. See Virginia Code 2.2-1162
• Due diligence: means undertaking (i) necessary land title, valuation, environmental, engineering, or technical studies; (ii) professional or consulting services related to a site or site selection; or (iii) any other similar activities. See Virginia Code 2.2-2760
• Eligible acquisition site: means a site suitable to be marketed for economic development purposes. See Virginia Code 2.2-2760
• 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 Virginia Business Ready Sites Acquisition Fund established by § 2. See Virginia Code 2.2-2760
• Large-scale economic development project: means an economic development project that involves a capital investment of at least $250 million and that creates at least 250 new jobs. See Virginia Code 2.2-2760
• 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}
• Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
• 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.
• Process: includes subpoenas, the summons and complaint in a civil action, and process in statutory actions. See Virginia Code 1-237
• Response actions: means any action, including removal, encapsulation, enclosure, repair, method of operation, maintenance, record keeping or notification that protects human health from building materials containing asbestos. See Virginia Code 2.2-1162
• Secretary: means the Secretary of Administration. See Virginia Code 2.2-1162
• Site acquisition activities: means the completion of due diligence activities, as well as the purchasing or optioning of an eligible acquisition site for purposes of the Program. See Virginia Code 2.2-2760
• Site development activities: means development of a site. See Virginia Code 2.2-2760