HB1262 - Local sales tax entitlement; blighted retail district.

1 Co-Sponsor

Local sales tax entitlement; blighted retail district. Entitles a blighted retail district in Stafford County that undergoes a major reconstruction or renovation involving a capital investment of at least $15 million to the one percent local sales tax revenue generated on the premises of the project to be used towards debt service to bridge the gap between available debt and equity and the expected costs of the project. The bill states that in order to qualify for the entitlement, the project must have at least 70 percent of the funding for the project in place. The bill specifies that the blighted retail project must provide a match for the one percent local sales tax revenue.