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_ 112 Item Details($) Appropriations($) ITEM 101. First Year Second Year First Year Second Year FY2025 FY2026 FY2025 FY2026 be paid in accordance with § 59.1-284.42, Code of Virginia. The funds provided in this paragraph are directed to a company made eligible for grants from the Cloud Computing Infrastructure Grant Fund in Item 113, Paragraph S., Chapter 1, 2023 Acts of Assembly, Special Session I. The eligibility criteria, methodology for calculating the grant payments owed to the company, and total aggregate cap of grant payments that may be awarded to the eligible company as directed in Item 113, Paragraph S., Chapter 1, 2023 Acts of Assembly, Special Session I, shall continue. P.1. Out of this appropriation, $2,500,000 the second first year from the general fund is provided for the development of an inland port in the Mount Rogers Planning District. The Virginia Port Authority shall acquire, plan, design, and develop a site for the establishment of an inland port in the Mount Rogers Planning District. The Virginia Port Authority and the Virginia Economic Development Partnership Authority shall develop a business recruitment strategy for the inland port and the surrounding area to provide for rapid development and utilization of the facility. 2. The Director of the Department of Planning and Budget is authorized to transfer moneys from this paragraph on a quarterly basis to the Virginia Port Authority. The Virginia Port Authority shall verify to the Secretary of Finance and the Director of the Department of Planning and Budget estimated quarterly expenses prior to the release of these funds. Any funding remaining at the end of either fiscal year shall be carried forward into the next fiscal year for the purposes described in this paragraph. 3. The Virginia Port Authority may collaborate with the Virginia Department of Rail and Public Transportation, Virginia Department of Transportation, the Virginia Economic Development Partnership Authority, and any federal, state, or local agency as may be necessary to support the development and utilization of an inland port. The Virginia Port Authority shall engage in negotiations with necessary parties, including railroads and beneficial cargo owners, for development of the inland port. 4. The Virginia Port Authority shall report quarterly to the Governor, the Secretary of Transportation, the Secretary of Commerce and Trade, and the Virginia Economic Development Partnership Authority, and the Chairs of the House Appropriations and Senate Finance and Appropriations Committees on the timeline, progress to date, and overall cost for the construction of the inland port. Q. Out of the appropriation in this Item, $1,633,216 the first year and $1,404,243 the second year from the general fund shall be deposited to a special, nonreverting fund the Financial Services Expansion Grant Fund for the grants to be paid to a qualified financial services company in accordance with § 59.1-284.43, Code of Virginia. legislation to be considered by the 2024 General Assembly and subject to performance metrics agreed to in a memorandum of understanding with the Commonwealth. R.1. The Secretary of Finance shall approve a short-term, interest-free, state-supported treasury loan in an amount up to $40,000,000 to the City of Newport News to support a capital investment from the United States Navy related to housing infrastructure. 2. The Secretary of Finance shall approve and release the loan under the following conditions: (i) the United States Navy has committed sufficient resources to fund the project; (ii) the City has provided matching funds for the project; and (iii) seventy-five percent of non-state funds secured for the project have been expended. S.1. Out of the appropriation in this Item, $3,895,682 the first year from the general fund shall be provided to the County of Wythe for expenses incurred prior to June 30, 2024, related to the installation of a water tank for Progress Park, wastewater treatment plant improvements, and wastewater line extensions in the County. The improvements are meant to enhance the infrastructure for businesses in Progress Park and properties in the surrounding area. 2. Disbursement of these funds shall be at the discretion of the Virginia Economic Development Partnership Authority, based upon an executed Memorandum of Understanding with the County of Wythe. T. Any unexpended balances carried forward from fiscal year 2024, pursuant to paragraph