- A. Qualified business firms and qualified zone investors shall be eligible to receive enterprise zone grants provided for in 13VAC5-112-260 and 13VAC5-112-330 to the extent that they apply for and are approved for grant allocations through the department.
- B. Upon receiving applications for grants provided for under 13VAC5-112-260 and 13VAC5-112-330, the department shall determine the amount of the grant to be allocated to each eligible business firm and zone investor.
- C. The department shall prioritize allocations to fully fund the grants under 13VAC5-112-260 with any remaining funds to be allocated to grants under 13VAC5-112-330. In such cases, the amount of the grant that each qualified zone investor is eligible for under 13VAC5-112-330 shall be prorated in a proportional manner based on the funds remaining in the annual appropriation after full payment of the grants under 13VAC5-112-260.
Statutory Authority
§ 59.1-541 of the Code of Virginia.
Historical Notes
Derived from Virginia Register Volume 23, Issue 12, eff. March 21, 2007; amended, Virginia Register Volume 26, Issue 1, eff. October 14, 2009; Volume 26, Issue 22, eff. August 4, 2010.