CODE OF VIRGINIA

CERTAIN ENTITIES’ AUTHORITY TO EXTEND PERFORMANCE AGREEMENTS (§ 11-7.1)

A. The Department of Small Business and Supplier Diversity, the Virginia
Economic Development Partnership Authority, the Virginia Tourism Authority, the
Tobacco Region Revitalization Commission, a nonprofit, nonstock corporation
created pursuant to § 2.2-2240.1, any county, city, or town, or local or
regional industrial or economic development authorities created in accordance
with law have the authority, upon the agreement of the parties, to extend the
performance period for any performance agreement.

B. For the purposes of this section, “performance agreement” means
any agreement, contract, or memorandum of understanding that imposes an
obligation for minimum private investment or the creation of new jobs in
exchange for grants or other funds, or loans of money from an entity specified
in subsection A.

C. Nothing in this section shall be construed or interpreted to authorize or
allow for any payment or appropriation of funds except as provided in the
general appropriation act.

HISTORY: 2009, c. 224; 2013, c. 482.