Virginia Amendment 4 (1998)
Text of measure
The language that appeared on the ballot:
This amendment concerns joint efforts by two or more localities to promote economic development. The amendment relates to economic growth-sharing agreements that are allowed under present law. This amendment is narrower in scope than Amendment #3. At present, two or more localities may agree to share the revenues, taxes, and economic benefits of an economic development project such as an industrial park. The localities may agree to share the costs and benefits of the project for the period of time stated in the agreement. A long-term agreement may create fiscal obligations. For example, a city and county may agree to develop an industrial park. The city may provide sewer services for a site located in the adjacent county. The county that will receive the tax revenues from the project may agree to pay part of those future tax revenues to the city that furnished the services. The county's promise to pay future revenues is a type of local debt. This amendment will exempt the fiscal obligations involved in economic growth-sharing agreements from certain constitutional limits or requirements that usually apply to local debt. The amendment will treat this type of obligation like other special types of local debt that are not subject to those constitutional limits.
State of Virginia
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