Terms Used In Virginia Code > Title 2.2 > Subtitle II > Part B > Chapter 51.1 - Virginia Collaborative Economic Development Act

• 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
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authority: means the Fort Monroe Authority. See Virginia Code 2.2-2337
• Basic employment: means employment in an industry sector or function that directly or indirectly derives more than 50 percent of its revenue from out-of-state sources. See Virginia Code 2.2-5105
• Board: means the Virginia Growth and Opportunity Board as may be established under law. See Virginia Code 2.2-5105
• Bonds: means any bonds, notes, interim certificates, debentures, or other obligations issued by the Authority pursuant to this article. See Virginia Code 2.2-2337
• Capital investment: means an investment in real property or tangible personal property, or both, by an eligible company within the Commonwealth. See Virginia Code 2.2-5105
• Certified company: means a Virginia employer that has been certified by the Partnership to have (i) created or caused to be created at least 200 net new basic employment jobs in the Commonwealth that are located in the participating localities with average salaries at least equal to the average wage in the participating localities and (ii) made a capital investment of at least $25 million in the participating localities. See Virginia Code 2.2-5105
• City: means the City of Hampton, Virginia, a municipal corporation of the Commonwealth of Virginia. See Virginia Code 2.2-2337
• Collaborative economic development plan: means an agreement among two or more localities that identifies commitments made by each locality to implement a collaborative approach to economic development, whether the collaboration relates to general economic development and diversification efforts by the participating localities or relates to specific economic development needs, including infrastructure and workforce training, of a company. See Virginia Code 2.2-5105
• Commissioner: means the Commissioner of Agriculture and Consumer Services. See Virginia Code 3.2-100
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Department: means the Department of Agriculture and Consumer Services. See Virginia Code 3.2-100
• 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.
• Food establishment: means those operations subject to regulation by the Virginia Department of Health as food establishments under the authority granted by § 35. See Virginia Code 3.2-5508
• Fund: means the Virginia Collaborative Economic Development Performance Grant Fund created pursuant to § 2. See Virginia Code 2.2-5105
• Includes: means includes, but not limited to. See Virginia Code 1-218
• Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
• New job: means employment of an indefinite duration at the eligible facility, created as the direct result of the capital investment, for which the standard fringe benefits are provided by the firm for the employee, requiring a minimum of either (i) 35 hours of an employee's time a week for the entire normal year of the firm's operations, which "normal year" shall consist of at least 48 weeks, or (ii) 1,680 hours per year. See Virginia Code 2.2-5105
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Participating localities: means two or more localities that participate in a collaborative economic development plan. See Virginia Code 2.2-5105
• 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.
• Partnership: means the Virginia Economic Development Partnership Authority. See Virginia Code 2.2-5105
• 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.
• Process: includes subpoenas, the summons and complaint in a civil action, and process in statutory actions. See Virginia Code 1-237
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Registrant: means any person who has registered with the Department as a transporter of waste kitchen grease. See Virginia Code 3.2-5508
• Renderer: means any person who commercially cooks carcasses, or parts or products of carcasses, of cattle, swine, poultry, and other animals and other waste animal by-products and waste kitchen grease into usable products. See Virginia Code 3.2-5508
• Secretary: means the Secretary of Commerce and Trade. See Virginia Code 2.2-5105
• 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
• transportation: means the movement of waste kitchen grease in a motor vehicle on public roads. See Virginia Code 3.2-5508
• Waste kitchen grease: means animal fats or vegetable oils that have been used, and will not be reused, for cooking in a food establishment, including trap grease. See Virginia Code 3.2-5508