Bill > HB1493

This bill requires that any proposed local ordinance or resolution concerning specific economic development incentives must first undergo a public notice and hearing process before being approved by the governing body. These incentives include appropriating or transferring money to private entities, buying or selling real property or assets over $500,000, entering into leases longer than 10 years, or offering local tax breaks like refunds, rate reductions, or rate freezes beyond the current fiscal year. The public notice must be published twice in a local newspaper, with the first notice appearing no more than 28 days and the second no less than five days before a public hearing where citizens can voice their opinions. These requirements also extend to economic development incentives offered through agreements with local economic development authorities or industrial development authorities.

Government Affairs

https://lis.virginia.gov/bill-details/20261/HB1493