A. The economies of many localities within the region have not kept pace with those of the rest of the Commonwealth. Individual localities in the region often lack the financial resources to assist in the development of economic development projects. Providing a mechanism for localities in the region to cooperate in the development of facilities will assist the region in overcoming this barrier to economic growth. The creation of regional industrial facility authorities will assist this area of the Commonwealth in achieving a greater degree of economic stability.
B. The purpose of a regional industrial facility authority is to enhance the economic base for the member localities by developing, owning, and operating one or more facilities on a cooperative basis involving its member localities.
C. The exercise of the powers granted by this chapter shall be in all respects for the benefit of the inhabitants of the region and other areas of the Commonwealth, for the increase of their commerce, and for the promotion of their safety, health, welfare, convenience and prosperity.
1997, cc. 276, 587, § 15.1-1711.
Structure Code of Virginia
Title 15.2 - Counties, Cities and Towns
Chapter 64 - Virginia Regional Industrial Facilities Act
§ 15.2-6401. Findings; purpose; governmental functions
§ 15.2-6402. Procedure for creation of authorities
§ 15.2-6403. Board of the authority
§ 15.2-6404. Office of authority; title to property
§ 15.2-6405. Powers of the authority
§ 15.2-6406. Donations to authority; remittance of tax revenue
§ 15.2-6407. Revenue sharing agreements
§ 15.2-6408. Applicability of land use regulations
§ 15.2-6409. Bond issues; contesting validity of bonds
§ 15.2-6410. Investments in bonds
§ 15.2-6411. Bonds exempt from taxation
§ 15.2-6412. Tax revenues of the Commonwealth or any other political subdivision not pledged
§ 15.2-6413. Forms of accounts and records; audit of same