Item 99 | First Year - FY2023 | Second Year - FY2024 |
|---|---|---|
| Economic Development Services (53400) | $4,088,820 | $3,838,820 |
| Financial Assistance for Economic Development (53410) | FY2023 $4,088,820 | FY2024 $3,838,820 |
| Fund Sources: | ||
| General | FY2023 $4,088,820 | FY2024 $3,838,820 |
Authority: Title 3.2, Chapter 3.1, Code of Virginia.
A. Out of the amounts in this Item, $1,500,000$2,750,000 the first year and $1,250,000$2,500,000 the second year from the general fund shall be deposited to the Governor's Agriculture and Forestry Industries Development Fund for the payment of grants or loans in accordance § 3.2-303 et seq., Code of Virginia. Of this amount, up to $1,250,000 in each year shall be used for agricultural technology grants or loans to advance the agricultural industry, assist the development of agricultural products, and improve infrastructure growth, productivity, or efficiency. Notwithstanding any other provision of law, at the discretion of the Governor, the cap on the amount of funding that may be awarded to an individual project as provided in § 3.2-305, Code of Virginia, may be waived for qualifying projects of regional or statewide interest.
B. Out of the amounts in this Item, $330,905 the first year and $330,905 the second year may be used by the department to pay administrative costs.
C. Out of the amounts in this Item, $1,000,000 the first year from the general fund is provided for the Dairy Producer Margin Coverage Premium Assistance Program, consistent with § 3.2-3305, Code of Virginia.
D. Out of the amounts in this Item, $1,000,000 the second year from the general fund is provided for competitive grants to be awarded for agricultural technology research projects. Agricultural technology captures the application of technology, through software and hardware, to various stages in the food production process, enabling higher and/or more cost-effective production of food products. Key market segments include but are not limited to precision farming, livestock monitoring, aquaculture, and indoor farming. The agency shall develop more specific guidelines, subject to approval by the Secretary of Agriculture and Forestry, for awarding these grants.