Bill > SB709

This bill modifies existing law regarding the Cloud Computing Cluster Infrastructure Grant Fund, primarily by updating the definition and requirements of a "performance agreement." Previously, performance agreements could include commitments beyond local funding, such as accelerated permitting or property tax classifications. This bill removes those broader potential commitments, focusing the performance agreement solely on the locality's commitment to provide local funds, either as cash grants or expenditures, for infrastructure costs related to the qualified company. This local commitment must be at least double the amount of grants provided from the Fund for capital investment and new full-time job creation in that locality. The bill also clarifies that expenditures by a locality that are certified as infrastructure costs incurred at the request of the qualified company can count towards this local match.

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https://lis.virginia.gov/bill-details/20261/SB709