BILL AS INTRODUCED S.1372009 Page 1
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S.1371Introduced by Committee on Economic Development, Housing and General2Affairs3Date:4Subject: Economic development5Statement of purpose: This bill proposes to establish programs and policies6designed to promote economic development within Vermont.7An act relating to the Vermont recovery and reinvestment act of 20098It is hereby enacted by the General Assembly of the State of Vermont:9* * * Opportunity Zones * * *10Sec. 1. OPPORTUNITY ZONES; PILOT PROGRAM11(a) For purposes of this section:12(1) “Opportunity zone” means an area within the town of Springfield13designated to accommodate a significant amount of industrial activity, high14technology, or other job-producing activity; it includes one or more industrial15facilities that have been vacant or substantially underutilized for more than ten16years; and it has at least 15,000 square feet or a minimum of five acres if the17site includes an older structure.18(2) “Qualified business” means any business that intends to locate in or19expand into an opportunity zone and:20
BILL AS INTRODUCED S.1372009 Page 2
www.leg.state.vt.us
(A) Is in compliance with applicable local zoning and development1criteria for locating in the opportunity zone.2(B) Is in compliance with applicable federal, state, and local3regulations.4(C) Will employ at least ten new full-time employees in positions5that are not retail sales within a year of approval.6(D) Will pay wages and benefits to all full-time employees that meet7or exceed the prevailing compensation level for that particular employment.8(3) “Qualified redeveloper” means any taxpayer that purchases and9redevelops an industrial building in an opportunity zone for sale or lease to a10qualified business.11(4) “Secretary” means the secretary of commerce and community12development.13(5) “Substantially underutilized” means a property or facility of which14less than ten percent has been occupied for uses other than storage or15warehousing for at least ten years and for which active and sustained16marketing has produced no significant employment.17(b) There is created an opportunity-zones pilot program which shall be18administered as follows:19(1) The town of Springfield may apply to the secretary for designation20of an opportunity zone authorized by this subchapter.21
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www.leg.state.vt.us
(2) Qualified businesses and qualified redevelopers may apply to the1secretary for the benefits provided by this subchapter.2(3) A designation of an opportunity zone under this section shall be for a3period of ten years and may be extended by the secretary, upon application by4the municipality, for one additional ten-year period.5(4) Applications from the town of Springfield for a designated6opportunity zone and from qualified businesses and qualified redevelopers for7approval of benefits shall be made in accordance with guidelines established8by the secretary.9(5) The secretary shall issue a written decision granting or denying an10application within 45 days of receipt of a completed application. If the11secretary denies an application the decision shall state the reasons for the12denial. The town of Springfield, a qualified business, and a qualified13redeveloper denied designation or approval may submit a new application at14any time.15(6) Decisions of the secretary are not subject to chapter 25 of Title 3 and16shall be final and not reviewable.17(7) Beginning no later than 12 months after approval by the secretary,18qualified businesses and qualified redevelopers shall annually submit a written19report to the secretary verifying that the business continues to meet all the20requirements of this section.21
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