HB 1262

Abstract

Local sales tax entitlement; blighted retaildistrict. Entitles a blighted retail district in Stafford Countythat undergoes a major reconstruction or renovation involving a capitalinvestment of at least $15 million to the one percent local salestax revenue generated on the premises of the project to be used towardsdebt service to bridge the gap between available debt and equityand the expected costs of the project. The bill states that in orderto qualify for the entitlement, the project must have at least 70percent of the funding for the project in place. The bill specifiesthat the blighted retail project must provide a match for the onepercent local sales tax revenue.