30-312 - Commission report to General Assembly.
§ 30-312. Commission report to General Assembly.
The Commission shall report annually by the first day of each GeneralAssembly Regular Session on all endorsed incentive packages. Staff identifiedin § 30-311 shall assist the commission in preparing such report, which shallcontain the following information: (i) the industrial sector of the MEIproject or other economic development project, (ii) known competitor states,(iii) employment creation and capital investment expectations, (iv)anticipated average annual wage of the new jobs, (v) local and state returnson investment as prepared by the Virginia Economic Development PartnershipAuthority, (vi) expected time frame for repayment of the incentives to theCommonwealth in the form of direct and indirect general tax revenues, (vii)details of the proposed incentive package, including the breakdown of thecomponents into various uses and an expected timeline for payments, and(viii) draft legislation or amendments to the Appropriation Act that proposefinancing for the endorsed incentive package through the Virginia PublicBuilding Authority or any other proposed funding or financing mechanisms.
(2009, cc. 246, 311; 2010, cc. 543, 716.)