The Commonwealth Transportation Board on Wednesday accepted regulation changes for how money from Virginia’s Transportation Partnership Opportunity Fund is allocated, giving lawmakers more time to review proposals.
The fund has invested more than $644 million since 2005, as of Jan. 31, to support major projects, including transportation improvements for the LEGO manufacturing plant in Chesterfield County and access improvements near Wallops Island for aerospace and research facilities.
The changes increase oversight by lowering funding thresholds that trigger review by the Virginia Major Employment and Investment Commission, extending the review period, adding formal notification requirements, and requiring updates to program guidelines.
Under the guidelines, the governor can award grants of up to $5 million, revolving loans of up to $30 million, and other financing tools to a Virginia agency or political subdivision.
Proposed notification changes include requiring review by the Major Employment and Investment Commission within 30 days if a single project receives more than $10 million, or more than $25 million over two years. If the commission does not respond, the award can proceed.
The governor’s notice also must be hand-delivered to the commission and staff for the House Appropriations and Senate Finance and Appropriations committees.
The transportation secretary will continue notifying legislative leaders within 35 days of awards exceeding $5 million.
The revised guidelines will be posted for 30 days of public review and comment on Virginia Regulatory Town Hall, the state’s online site for government rule changes.
Before making new awards, the governor must provide copies of the revised changes to the chairs of the House Appropriations, Finance, and Transportation committees and the Senate Finance and Appropriations committees.