2017 Session

Budget Amendments - HB1500 (Conference Report)

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Authorization for Additional VEDIG Grants (language only)

Item 106 #2c

Item 106 #2c

Commerce and Trade
Economic Development Incentive Payments


Page 92, after line 41, insert:

"3. Not withstanding § 2.2-5102.1.E. or any other provision of law, and subject to appropriation by the General Assembly, up to $4,000,000 in economic development incentive grants is authorized for eligible projects to be awarded on or after July 1, 2017, but before June 30, 2018. Any eligible project awarded such grants shall be subject to the conditions set forth in § 2.2-5102.1."


(This amendment authorizes the Governor to award additional grants not to exceed $4.0 million in aggregate between July 1, 2017, and June 30, 2018, to eligible companies under the existing Virginia Economic Development Incentive Grant (VEDIG) program. This brings the authorized aggregate amount of grants that may be outstanding to $34.0 million. Grant payments under the VEDIG program are paid in no less than five installments and do not begin until at least 36 months after the company has met capital investment and job creation targets. Grant awards are subject to appropriation by the General Assembly.)