Page 109

_ 109 Item Details($) Appropriations($) ITEM 100. First Year Second Year First Year Second Year FY2025 FY2026 FY2025 FY2026 OFFICE OF COMMERCE AND TRADE § 1-40. SECRETARY OF COMMERCE AND TRADE (192) 100. Administrative and Support Services (79900) $1,235,106 $1,235,106 General Management and Direction (79901) $1,235,106 $1,235,106 Fund Sources: General $1,235,106 $1,235,106 Authority: Title 2.2, Chapter 2, Article 3; § 2.2-201, Code of Virginia. It is the intent of the General Assembly that state programs providing financial, technical, or training assistance to local governments for economic development projects or directly to businesses seeking to relocate or expand operations in Virginia should not be used to help a company relocate or expand its operations in one or more Virginia communities when the same company is simultaneously closing facilities in other Virginia communities. It is the responsibility of the Secretary of Commerce and Trade to enforce this policy and to inform the Chairs of the Senate Finance and Appropriations and House Appropriations Committees in writing of the justification to override this policy for any exception. Total for Secretary of Commerce and Trade $1,235,106 $1,235,106 General Fund Positions 9.00 9.00 Position Level 9.00 9.00 Fund Sources: General $1,235,106 $1,235,106 Economic Development Incentive Payments (312) 101. Economic Development Services (53400) $93,986,649 $150,472,331 $86,185,426 $61,731,826 Financial Assistance for Economic Development (53410) $93,986,649 $150,472,331 $86,185,426 $61,731,826 Fund Sources: General $93,836,649 $150,322,331 $86,035,426 $61,581,826 Dedicated Special Revenue $150,000 $150,000 Authority: Discretionary Inclusion. A.1. Out of the appropriation for this Item, $19,750,000 the first year and $19,750,000 the second year from the general fund shall be deposited to the Commonwealth's Development Opportunity Fund, as established in § 2.2-115, Code of Virginia. Such funds shall be used at the discretion of the Governor, subject to prior consultation with the Chairmen of the House Appropriations and Senate Finance and Appropriations Committees, to attract economic development prospects to locate or expand in Virginia. If the Governor, pursuant to the provisions of § 2.2-115, E.1., Code of Virginia, determines that a project is of regional or statewide interest and elects to waive the requirement for a local matching contribution, such action shall be included in the report on expenditures from the Commonwealth's Development Opportunity Fund required by § 2.2-115, F., Code of Virginia. Such report shall include an explanation on the jobs anticipated to be created, the capital investment made for the project, and why the waiver was provided. 2. The Governor may allocate these funds as grants or loans to political subdivisions. Loans shall be approved by the Governor and made in accordance with procedures established by the Virginia Economic Development Partnership and approved by the State Comptroller. Loans shall be interest-free unless otherwise determined by the Governor and shall be repaid to the general fund of the state treasury. The Governor may establish the interest rate to be charged, otherwise, any interest charged shall be at market rates as determined by the State Treasurer and shall be indicative of the duration of the loan. The Virginia Economic Development Partnership shall be responsible for monitoring repayment of such loans and reporting the receivables to the State Comptroller as