§ 15-65. Definitions.

As used in this ordinance, the following definitions shall apply:

Act or the Act shall mean the Virginia Enterprise Zone Act, being COde of Virginia (1950) § 59.1-279 et seq. and § 59.1-538 et seq. as amended.

Company shall mean any corporation, or corporations electing small business (subchapter S) corporation designation by the Internal Revenue Service, partnership, limited liability company, or sole proprietorship, authorized to do business in the Commonwealth of Virginia and subject to taxation as a for profit enterprise, subject to state and local taxation as permitted by the Code of Virginia. However, company does not include organizations which are exempt from state income tax on all income except unrelated business taxable income as defined in the Federal Internal Revenue Code, Sections 512 or 501C; nor does it include homeowners associations as defined in Federal Internal Revenue Code, section 528.

County shall mean the County of Tazewell, Virginia.

Enterprise zone or VEZ shall mean an area declared by the Governor of the Commonwealth of Virginia to be eligible for the benefits accruing under Code of Virginia (1950), § 59.1-538 et seq. and shown on the Tazewell County Enterprise Zone Map.

Equivalent employment or equivalent job shall mean a person or persons employed by company for at least forty (40) hours per week at an hourly wage or salaried equivalent as may be required by the Tazewell County Board of Supervisors as provided in this ordinance. A single equivalent job may mean one (1) employed individual, or multiple employed individuals, whose aggregate hours of employment, at the required wage or salaried equivalent, equals at least forty (40) hours per week. The Tazewell County Board of Supervisors may modify the meaning of equivalent employment or equivalent job by requiring a minimum hourly wage or salaried equivalent. Until such designation is made the required hourly wage shall the Federal Minimum wage.

Existing company shall mean any company operating or located within the county on January 1, 2016, or more than twelve (12) months prior to applying for any grants pursuant to this ordinance. A company which retains substantially the same ownership and which operated or was located within the county on January 1, 2016, shall be considered and existing company, even if the name of the company or the organization of the business entity (corporate or otherwise) has changed.

IDA shall mean the Tazewell County Industrial Development Authority.

Mixed use shall mean a building used for both commercial/office/industrial use and residential use and at least thirty (30) percent of the total usable floor space is used for company's commercial/office/industrial operations.

New company shall mean a business operating within the enterprise zone only after January 1, 2016, having had no prior business location within the county.

Qualified company shall mean a company that:

(1)

Has applied for a grant pursuant to this ordinance; and

(2)

Meets either of the following employment criteria:

a.

Is a new company that employs five (5) new equivalent jobs more than the company employed at the time the company applied for VEZ grant(s); or

b.

An existing company that expands its existing operations at a location within the VEZ and maintains its employment levels equal to the number of equivalent jobs employed by the company at the time the company applied for the grant(s); and

(3)

Meets either of the following investment criteria:

a.

Company has invested at least twenty-five thousand dollars ($25,000.00) in improvements to real property located in the Enterprise Zone, including but not limited to new construction, renovation, rehabilitation, or expansion of a taxable structure, which serve to facilitate the Company's business operations; or

b.

Company has invested at least twenty-five thousand dollars ($25,000.00) in purchasing machinery and tools, not previously assessed by Tazewell County, which will be located in the enterprise zone and serve to facilitate the company's business operations located in the VEZ.

Qualifying improvement(s) shall mean the improvements to real property made by company which constitute the basis of company qualifying for grants pursuant to this ordinance. For purposes of calculating the real property grant such improvements shall be funds expended by company externally for labor or materials to construct, demolish, renovate or add to real property. No more than fifty (50) percent of expenditures considered a qualifying improvement may be payments to persons or companies affiliated with or a subsidiary of applicant company; expenditures made to such affiliated persons or subsidiary companies must be reasonable.

Qualified investment means the investment in improvements to real property or in machines, tools, or other taxable personal business property reported by the applicant company to qualify for grant(s) pursuant to this ordinance. No more than fifty (50) percent of expenditures considered a qualifying investment may be payments to persons or companies affiliated with or a subsidiary of applicant Company; expenditures made to such affiliated persons or subsidiary companies must be reasonable.

VEC shall mean Virginia Employment Commission.

VEZ or enterprise zone shall mean the Virginia Enterprise Zone located in Tazewell County, Virginia.

Zone administrator shall mean the administrator of this ordinance and the grants and benefits hereby created who has been duly appointed by the board of supervisors by resolution. In the event the person so appointed is unable to perform such duties, is no longer employed by Tazewell County, or is otherwise unavailable, the county administrator, or her designee, may act as the zone administrator until the position has been filled by board appointment. The zone administrator shall serve at the will and pleasure of the board of supervisors and may be replaced, removed, or appointed by resolution. The initial zone administrator shall be the economic development director for the county.

(Ord. of 1-5-16)

(Ord. of 1-5-16)