Va. Code § 59.1-284.43
"Capital investment" means an expenditure by or on behalf of a qualified company on or after July 1, 2023, in real property, taxable tangible personal property, or both, at a facility in an eligible county that is properly chargeable to a capital account or would be so chargeable with a proper election. The purchase or lease of furniture, fixtures, business personal property, machinery and tools, including under an operating lease, and expected building construction and up-fit by or on behalf of a qualified company shall qualify as capital investment.
"Eligible county" means Roanoke County.
"Facility" means the building, group of buildings, or corporate campus, including any related machinery and tools, furniture, fixtures, and business personal property, that is located at or near a qualified company's operations in an eligible county and is owned, leased, licensed, occupied, or otherwise operated by a qualified company as an operations facility for use in provision of customer support for financial services.
"Fund" means the Financial Services Expansion Grant Fund.
"Grants" means the grant payments from the Fund awarded to a qualified company in an amount not to exceed $15 million in the aggregate during the time frame described in subsections C and D. The proceeds of the grants may be used by the qualified company for payment or reimbursement of the costs of workforce development, costs of construction and development of the facility, or any other lawful purpose.
"Memorandum of understanding" means a performance agreement or related documents entered into on September 25, 2023, by a qualified company, the Commonwealth, and VEDP that sets forth the requirements for capital investment and the creation of new full-time jobs by a qualified company in order for a qualified company to be eligible for grants from the Fund.
"New full-time job" means a job position in which the employee of a qualified company is principally located at a facility, for which the average annual wage for the applicable year is at least equal to the average annual wage for that year required by the memorandum of understanding, and for which the qualified company provides standard fringe benefits. Such position shall require a minimum of either (i) 35 hours of an employee's time per week for the entire normal year of the qualified company's operations, which "normal year" shall consist of at least 48 weeks, or (ii) 1,680 hours per year. Seasonal or temporary positions and positions with construction contractors, vendors, suppliers, and similar multiplier or spin-off jobs shall not qualify as "new full-time jobs". The Commonwealth may gauge compliance with the new full-time job requirements for a qualified company by reference to the new payroll generated by a qualified company, if so indicated in the memorandum of understanding.
"Qualified company" means a company, including its affiliates, that engages in the provision of customer support for financial services in an eligible county and that between July 1, 2023, and December 31, 2033, is expected to (i) make a capital investment of at least $87 million and (ii) create at least 1,100 new full-time jobs related to or supportive of its business.
"Secretary" means the Secretary of Commerce and Trade or his designee.
"VEDP" means the Virginia Economic Development Partnership Authority.
In accordance with a memorandum of understanding, actual payment amounts and fiscal years may differ from the schedule above and may be extended beyond the fiscal year beginning July 1, 2033, but the aggregate amount of grant payments shall not exceed $15 million.
Va. Code § 59.1-284.43