2022 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Bloxom
Develop Offshore Wind Industry Supply Chain

Item 125 #5h

Item 125 #5h

First Year - FY2023 Second Year - FY2024
Commerce and Trade
Virginia Economic Development Partnership FY2023 $0 FY2024 $10,000,000 GF

Page 108, line 38, strike "$53,844,192" and insert "$63,844,192".

Page 110, after line 12, insert:

"N. Out of this appropriation, $10,000,000 in the second year is provided to develop a supply chain for the offshore wind industry in Virginia through direct business investment. In developing this new investment program, the partnership shall focus on smaller companies and how investment from the state can incentivize their participation in this new industry by removing barriers, such as qualifications, financing, equipment product development, employee development, and other service offerings. Individual investments from this program may range from $20,000 to $250,000 per company. The Virginia Economic Development Partnership Authority in collaboration with the Office of Offshore Wind, and other relevant stakeholders shall develop criteria and guidelines for this off shore wind supply chain development program in Virginia on or before November 1, 2022. "


(This amendment provides $10.0 million in the second year from the general fund for the Virginia Economic Development Partnership Authority to develop a program designed to build a supply chain for the offshore wind industry. By assisting local companies in entering the industry, Virginia can become more attractive to OEM/Tier 1 companies that are looking to establish themselves on the eastern seaboard and seeking local content, which can lead to greater potential for capital investment and long-term job creation in the Commonwealth.)