HB 1840 (Marshall) directs the Virginia Economic Development Partnership (VEDP) to conduct a pilot program in the APCo and Dominion service territories to allow each electric utility to construct transmission lines and associated substations to serve regional business parks.
Qualifying projects must meet the following requirements:
- The business park must be at least 100 acres in size and classified as a Tier 4 site under VEDP’s Business Ready Sites program and under the ownership of an Industrial Development Authority (IDA) pursuant to 15.2-4903;
- The business park must be located within a qualified “opportunity zone” per federal tax law (For location of such zones in Virginia go to this interactive map on the DHCD website); and
- Qualifying projects must have revenue sharing agreements between two or more localities.
The pilot expires at the end of the calendar year 2023 and each utility is limited to construct three such transmission lines (no more than seven miles in length) to serve a business park. After adoption by the House, HB 1840 passed unanimously in the Senate Commerce and Labor Committee on February 18 and will be up for final passage on the Senate floor this week.
VACo Contact: Joe Lerch, AICP