Virginia Administrative Code › Title 1 - ADMINISTRATION › Agency 50 - COMMISSION ON LOCAL GOVERNMENT › Chapter 20 - ORGANIZATION AND REGULATIONS OF PROCEDURE › Part IV - Information, Data, and Factors Relative to Mandatory Commission Reviews › Section 1VAC50-20-612 - Voluntary economic growth-sharing agreements

Current through Register Vol. 40, No. 24, July 15, 2024
In developing its findings of fact and recommendations with
					 respect to a proposed voluntary economic growth-sharing agreement developed
					 under the authority of § 15.2-1301 of the Code of Virginia, the commission
					 shall consider the information, data, and factors listed in this section. Local
					 governments submitting such a proposed agreement for review shall, separately
					 or jointly, submit to the commission data and other evidence responsive to each
					 element listed in this section that they deem relevant to the proposed
					 agreement.
1. A copy of the proposed
				  agreement and a description of the economic growth-sharing plan.
2. A description of the financial investment
				  or other contributions which each participating locality will make to the
				  project(s) envisaged under the agreement.
3. Projections of each participating
				  locality's net annual receipts or net annual contributions to the project(s)
				  specified in the agreement for the next 10-year period, or for a lesser or
				  greater period as deemed appropriate.
4. A description of any dedication or
				  restriction on the use of funds generated by the project(s) specified in the
				  agreement for the participating localities.
5. Calculations indicating the estimated
				  impact of the project(s) proposed in the agreement on the annual operating
				  expenditures of each participating jurisdiction for the next 10-year period, or
				  for a lesser or greater period as deemed appropriate.
6. Calculations indicating the estimated
				  impact of the project(s) proposed in the agreement on the current and
				  prospective capital expenditures of each participating jurisdiction over the
				  course of the next 10-year period, or over a lesser or greater period as deemed
				  appropriate.
7. Calculations
				  indicating the estimated impact of the project(s) proposed in the agreement on
				  the debt and annual debt service of each participating jurisdiction over the
				  course of the next ten 10-year period, or over the course of a lesser or
				  greater period as deemed appropriate.
8. Information indicating the general equity
				  of the proposed plan for each participating locality.
9. Other information which would assist the
				  commission in analyzing the "probable effect on the people" in the
				  participating jurisdictions of the proposed agreement.
10. The commission's staff shall endeavor to
				  assist localities contemplating or involved in the development of voluntary
				  economic growth-sharing agreements under the authority of § 15.2-1301 of the
				  Code of Virginia by identifying additional data elements considered by the
				  commission to be relevant to the commission's review of such
				  agreements.
Statutory Authority
§ 15.2-2903 of the Code of Virginia.