Bill > HB1448

This bill, known as the Petersburg Parking Authority Act, authorizes the creation of a Petersburg Parking Authority to address traffic congestion and the lack of sufficient off-street parking in the City of Petersburg. The Authority will be a public body with the power to construct, reconstruct, equip, improve, extend, enlarge, maintain, repair, and operate parking facilities, which are defined as lots, garages, or other structures for off-street parking open to the public for a fee, but not including the sale of vehicle servicing products. The Authority can also enter into contracts, issue revenue bonds and revenue refunding bonds to finance these facilities, and acquire necessary property through gift or purchase, and in some cases, eminent domain. The Authority will be governed by a five-member board appointed by the city's governing body, and its members will serve without compensation but will be reimbursed for expenses. Importantly, the Authority and its income, as well as any bonds it issues, will be exempt from taxation within the Commonwealth, as the creation of adequate parking facilities is deemed a public necessity and an essential governmental function.

Budget and Finance, Transportation and Infrastructure

https://lis.virginia.gov/bill-details/20261/HB1448