The 2012 Executive Budget Document
Economic Development Incentive Payments
Mission Statement
This agency serves as a holding account for state incentive programs to localities, companies opening or expanding a business facility within the Commonwealth, and production companies and producers who film their product in the Commonwealth, and assistance to impacted localities in implementing and responding to the recommendations of the 2005 Base Realignment and Closure Commission. These incentives include performance-based financial assistance, infrastructure development grants, and customized training and support programs. These programs are administered by the Virginia Economic Development Partnership, the Virginia Tourism Authority, and the Office of the Secretary of Veterans Affairs and Homeland Security.
Operating Budget Summary
General Fund | Nongeneral Fund | Personnel Cost | |
---|---|---|---|
2009 Appropriation | $ 0 | $ 0 | $ 0 |
2010 Appropriation | $ 0 | $ 0 | $ 0 |
2011 Appropriation | $ 49,995,436 | $ 475,000 | $ 0 |
2012 Appropriation | $ 53,775,384 | $ 375,000 | $ 0 |
2013 Base Budget | $ 53,775,384 | $ 375,000 | $ 0 |
2013 Addenda | $ 15,551,000 | $ 160,000 | $ 0 |
2013 Total | $ 69,326,384 | $ 535,000 | $ 0 |
2014 Base Budget | $ 53,775,384 | $ 375,000 | $ 0 |
2014 Addenda | $ 10,958,210 | $ 0 | $ 0 |
2014 Total | $ 64,733,594 | $ 375,000 | $ 0 |
General Fund | Nongeneral Fund | Total Positions | |
---|---|---|---|
2009 Appropriation | 0.00 | 0.00 | 0.00 |
2010 Appropriation | 0.00 | 0.00 | 0.00 |
2011 Appropriation | 0.00 | 0.00 | 0.00 |
2012 Appropriation | 0.00 | 0.00 | 0.00 |
2013 Base Budget | 0.00 | 0.00 | 0.00 |
2013 Addenda | 0.00 | 0.00 | 0.00 |
2013 Total | 0.00 | 0.00 | 0.00 |
2014 Base Budget | 0.00 | 0.00 | 0.00 |
2014 Addenda | 0.00 | 0.00 | 0.00 |
2014 Total | 0.00 | 0.00 | 0.00 |
Recommended Operating Budget Addenda
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Increase funding for the Governor's Motion Picture Opportunity FundIncreases funding in the Governor's Motion Picture Opportunity Fund in each year of the 2012-2014 biennium. Currently, each year of the base for the 2012-2014 biennium includes $3.0 million, from the general fund, and $375,000 in nongeneral fund appropriation for revenue generated by the Digital Media Fee.
FY 2013 FY 2014 General Fund $ 500,000 $ 500,000
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Implement life sciences initiativeProvides funding for a research consortium, to be initially comprised of the University of Virginia, Virginia Commonwealth University, Virginia Polytechnic Institute and State University, George Mason University and the Eastern Virginia Medical School. Other publicly-supported institutions of higher education in the Commonwealth may choose to join the consortium. The consortium will contract with private entities, foundations and other governmental sources to capture and perform research in the biosciences. Up to $500,000 of the funding may be used for administrative, promotional, and legal costs of establishing and administering the consortium.
FY 2013 FY 2014 General Fund $ 5,000,000 $ 5,000,000
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Continue funding for the Major Eligible Employer Performance Grant ProgramProvides funding for grant payments owed to companies under the Major Eligible Employer Grant Program. The payments are based on negotiated grants awarded to select projects that invest in Virginia and promote stable or growing employment opportunities. The companies have met the investment and job creation criteria required by the performance agreements and payments to the companies are now due.
FY 2013 FY 2014 General Fund $ 5,000,000 $ 5,000,000
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Fund the Advanced Shipbuilding Training Facility Grant ProgramProvides funding for payments under the Advanced Shipbuilding Training Facility Grant Program. As provided for in Section 59.1-284.23, Code of Virginia, and a memorandum of understanding between the Commonwealth, Huntington Ingalls Incorporated (formerly Northrup Grumman Shipbuilding, Inc.), and the Industrial Development Authority of the City of Newport News, Virginia. Over the course of the grant period, it is estimated that payments will total approximately $33 million and occur over a five year period.
FY 2013 FY 2014 General Fund $ 5,000,000 $ 5,000,000
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Continue funding to attract an aerospace engine manufacturerContinues funding to attract Rolls-Royce, a world-leading provider of power systems and services for use on land, at sea, and in the air, to Prince George County. The company located a state-of-the-art aeroengine facility in Prince George County. The projects will create a total of over 500 new jobs. This amendment includes funding for a variety of components, including a higher education grant, project management, and job creation grants provided for in the Code of Virginia.
FY 2013 FY 2014 General Fund $ 9,273,000 $ 10,400,000
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Continue funding for SRI-Shenandoah Valley, International2.2-2240.1, Code of Virginia, which provides for a grant program intended to promote research, development, and commercialization of products. SRI International established its Center for Advanced Drug Research (CADRE) in Harrisonburg, Virginia. CADRE's goal is the creation of new diagnostics, therapeutics, and vaccines for infectious and neglected diseases, and for biodefense.
FY 2013 FY 2014 General Fund $ 1,000,000 $ 0
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Remove one-time costs for various economic development grants and incentivesRemoves one-time costs associated with various grants and incentives, including grants under the Virginia Investment Partnership Grant and the Major Eligible Employer Grant programs.
FY 2013 FY 2014 General Fund $ (28,964,329) $ (28,964,329)
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Provide funding to assist localities affected by Base Realignment and Closure Commission recommendationsProvides funding for matching grants to assist Virginia localities affected by the base realignment and closure process. This funding, which will be used to match local and other funds, can be used for infrastructure, environmental clean-up, workforce training, and related non-recurring costs for localities that may lose or gain personnel and facilities from the realignment. In allocating funds, priority will be given first to any locality in which a United States Navy Master Jet Base is located.
FY 2013 FY 2014 General Fund $ 7,500,000 $ 0
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Continue funding for the Micron Semiconductor Performance Grant ProgramContinues funding for semiconductor manufacturing performance grant payments under the Semiconductor Memory or Logic Wafer Manufacturing Grant Program. The payments are based on the amount of new capital investment and the number of new jobs created. The company has met the investment and job creation criteria required by the performance agreement and payment is now due.
FY 2013 FY 2014 General Fund $ 5,400,000 $ 5,400,000
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Continue funding for the Virginia Investment Partnership Performance Grant ProgramProvides funding for payments under the Virginia Investment Partnership (VIP) Grant Program during the 2012-2014 biennium. VIP is used to encourage existing Virginia manufacturers or research and development services to continue to invest in Virginia and to provide stable employment opportunities by adding production capacity, utilizing state-of-the-art technology, and modernizing assembly processes.
FY 2013 FY 2014 General Fund $ 3,042,329 $ 5,322,539 Nongeneral Fund $ 160,000 $ 0
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Provide funding for the Virginia Economic Development Incentive Grant ProgramProvides funding for grant payments owed to companies under the Virginia Economic Development Incentive Grant Program. The payments are based on negotiated grants awarded to select projects that invest in Virginia and promote stable or growing employment opportunities. The companies have met the investment and job creation criteria required by the performance agreements and payments to the companies are now due.
FY 2013 FY 2014 General Fund $ 800,000 $ 1,300,000
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Implement an advanced manufacturing initiative2.2-2260, Code of Virginia. Also, provides $2 million in FY 2014 to enhance and supplement efforts currently underway at the Commonwealth Center for Advanced Manufacturing.
FY 2013 FY 2014 General Fund $ 2,000,000 $ 2,000,000