Authority: Title 2.2, Chapter 22, Article 4 and Chapter 51; and § 15.2-941, Code of Virginia.
A. Upon authorization of the Governor, the Virginia Economic Development Partnership may transfer funds appropriated to it by this act to a nonstock corporation.
B. Prior to July 1 of each fiscal year, the Virginia Economic Development Partnership shall provide to the Chairmen of the House Appropriations and Senate Finance Committees and the Director, Department of Planning and Budget a report of its operating plan. Prior to September 1 of each fiscal year, the Partnership shall provide to the Chairmen of the House Appropriations and Senate Finance Committees and the Director, Department of Planning and Budget a detailed expenditure report and a listing of the salaries and bonuses for all partnership employees for the prior fiscal year. All three reports shall be prepared in the formats as previously approved by the Department of Planning and Budget.
C. In developing the criteria for any pay for performance plan, the board shall include, but not be limited to, these variables: 1) the number of economic development prospects committed to move to or expand operations in Virginia; 2) dollar investment made in Virginia for land acquisition, construction, buildings, and equipment; 3) number of full-time jobs directly related to an economic development project; and 4) location of the project. To that end, the pay for performance plan shall be weighted to recognize and reward employees who successfully recruit new economic development prospects or cause existing prospects to expand operations in localities with fiscal stress greater than the statewide average. Fiscal Stress shall be based on the Index published by the Commission on Local Government. If a prospect is physically located in more than one contiguous locality, the highest Fiscal Stress Index of the participating localities will be used.
D.1. The Virginia Economic Development Partnership shall report before the General Assembly convenes in January of each year on the status of the implementation of the state's comprehensive economic development strategy, and shall recommend legislative actions related to the implementation of the comprehensive economic development strategy. The report shall be submitted to the Chairmen of the House Appropriations and Senate Finance Committees, and shall include the number of site visits made by employees of the Virginia Economic Development Partnership with potential economic development prospects.
2. The Virginia Economic Development Partnership shall identify and target industries suited for location in the southside and southwest regions of the state.
E. The State Comptroller shall disburse the first and second year appropriations in twelve equal monthly installments. The Director, Department of Planning and Budget may authorize an increase in disbursements for any month, not to exceed the total appropriation for the fiscal year, if such an advance is necessary to meet payment obligations.
F. The Virginia Economic Development Partnership shall provide administrative and support services for the Virginia Tourism Authority as prescribed in the Memorandum of Agreement until July 1, 2020, or until the authority is able to provide such services.
G. The Virginia Economic Development Partnership shall report one month after the close of each quarter to the Chairmen of the Senate Finance and House Appropriations Committees on the Commonwealth's Development Opportunity Fund. The report shall include, but not be limited to, total appropriations made or transferred to the fund, total grants awarded, cash balances, and balances available for future commitments.
H. Prior to purchasing airline and hotel accommodations related to overseas trade shows, the Virginia Economic Development Partnership shall provide an itemized list of projected costs for review by the Secretary of Commerce and Trade.
I. Out of the amounts in this Item, $500,000 the first year and $500,000 the second year from the general fund is provided to market distressed areas of the Commonwealth.
J. Out of the amounts in this Item, $215,000 the first year and $215,000 the second year from the general fund is provided to assist small manufacturers with the export of advanced manufacturing products.
K. Out of the amounts in this Item, $500,000 the first year and $500,000 the second year from the general fund is provided for an expanded international and domestic marketing campaign to market Virginia to attract additional businesses to the Commonwealth.
L. The Virginia Economic Development Partnership shall investigate additional ways in which it might encourage the export of products and services from the Commonwealth to international markets, including researching potential methods through which to support broader availability of bridge loans and shipment insurance for Virginia exporters.
M. Out of the amounts in this Item, $1,097,957 the first year and $1,097,957 the second year from the general fund is provided for administration and operating expenses of the Virginia Jobs Investment Program.
N.1. Out of the amounts in this Item, $2,250,000 in the first year and $2,250,000 in the second year from the general fund shall be deposited in the Virginia Brownfields Restoration and Economic Redevelopment Assistance Fund established pursuant to § 10.1-1237, Code of Virginia.
2. Guidelines developed by the Virginia Economic Development Partnership, in consultation with the Department of Environmental Quality, governing the use of the Fund shall provide for grants of up to $500,000 for site remediation and include a requirement that sites with potential for redevelopment and economic benefits to the surrounding community be prioritized for consideration of such grants.
O. The Virginia Economic Development Partnership shall transfer to the Department of Environmental Quality up to $250,000 of the amounts appropriated in this Item to conduct research and for other appropriate costs associated with the development of a long-term offsetting methods within the Virginia Nutrient Credit Exchange. The Virginia Economic Development Partnership shall work in conjunction with the Department of Environmental Quality to develop the long-term offsetting methods.
P. Out of the amounts in this Item, the Virginia Economic Development Partnership shall provide $925,000 the first year and $925,000 the second year from the general fund to the Commonwealth Center for Advanced Manufacturing for rent and operating support.
Q. Out of the amounts in this Item, $4,865,700 the first year and $4,865,700 the second year from the general fund shall be provided to strengthen and promote economic development initiatives. The funding shall be allocated as follows: $366,000 the first year and $366,000 the second year to expand and rebrand the Virginia Jobs Investment Program, $950,000 the first year and $950,000 the second year to support the Virginia International Trade Alliance, $1,900,000 the first year and $1,900,000 the second year to match federal grants for the Going Global Defense Initiative and the State Trade Export Promotion (STEP) grant program, $605,000 the first year and $605,000 the second year to Support Virginia exporters, $250,000 in each year to implement the recommendations of the Virginia Sustained Growth Study and $794,700 in each year to support US and international business attraction.
R. Any requests for administrative or staff support for the Committee on Business Development and Marketing or the Committee on International Trade established to advise the Virginia Economic Development Partnership shall be directed to, and are subject to the approval of, the Chairman or the Chief Executive Officer of the Virginia Economic Development Partnership.