11-7.1 - Certain entities' authority to extend performance agreements.
§ 11-7.1. Certain entities' authority to extend performance agreements.
A. The Department of Business Assistance, the Virginia Economic DevelopmentPartnership Authority, the Virginia Tourism Authority, the TobaccoIndemnification and Community Revitalization Commission, a nonprofit,nonstock corporation created pursuant to § 2.2-2240.1, any county, city, ortown, or local or regional industrial or economic development authoritiescreated in accordance with law have the authority, upon the agreement of theparties, to extend the performance period for any performance agreement.
B. For the purposes of this section, "performance agreement" means anyagreement, contract, or memorandum of understanding that imposes anobligation for minimum private investment or the creation of new jobs inexchange for grants or other funds, or loans of money from an entityspecified in subsection A.
C. Nothing in this section shall be construed or interpreted to authorize orallow for any payment or appropriation of funds except as provided in thegeneral appropriation act.
(2009, c. 224.)