1998 Session

Budget Bill - SB29 (Introduced)

Virginia Economic Development Partnership

Item 96

Item 96 (Not set out)

First Year - FY1997Second Year - FY1998
Administrative and Support Services (54900)$5,080,626$5,101,104
General Management and Direction (54901)FY1997 $1,925,608FY1998 $1,952,808
Computer Services (54902)FY1997 $592,325FY1998 $1,207,673
Other Services (54999)FY1997 $2,562,693FY1998 $1,940,623
Fund Sources:  
GeneralFY1997 $4,539,656FY1998 $5,101,104
SpecialFY1997 $540,970FY1998 $0

Authority: Title 2.1, Chapter 32.1, Code of Virginia, and Discretionary Inclusion.

A.1. Out of the amounts for Other Services is provided $1,590,623 from the general fund and $522,070 from nongeneral funds the first year and $1,590,623 from the general fund the second year for the Software Productivity Consortium (SPC) lease payments pursuant to the Commonwealth's March 1985 agreement with SPC. Any unexpended balances at the close of business on June 30, 1996, and June 30, 1997, for such lease payments shall not revert to the surplus of the general fund but shall be carried forward on the books of the Department of Accounts.

2. If refunding can achieve present value savings of at least five percent, then it is the General Assembly's intent that the Innovative Technology Authority and the State Treasurer cooperate with the Virginia Economic Development Partnership to refinance the Innovative Technology Authority Taxable Lease Revenue Bonds (Series 1989).

3. Out of the amounts for Other Services, $150,000 in the second year is provided from the general fund, subject to such conditions as the Secretary of Commerce and Trade may establish, to the Software Productivity Consortium (SPC), a nonprofit technology corporation located in the facilities of the Center for Innovative Technology, to fund and create the State Information Technology Consortium (SITC), a Virginia-based nonprofit national technology consortium of states to provide states with a forum and mechanism to collaborate efficiently to find solutions to pressing technology-related problems, reduce the technology risks facing state governments, leverage state investments in technology, advance management of information technology, and promote integration of technology across state boundaries. The funds hereby appropriated may be used by the SPC to create the SITC, assist other states in joining the SITC, hold the initial organizational conference and workshop for states, establish an appropriate dues structure for member states, raise additional funds from private sources and federal grants to help fund the SITC and its projects, and reimburse the SPC for any other initial start-up and organizational expenses incurred by the SPC in establishing the SITC. This appropriation is not subject to §4-5.07b.1 of this act.

B. Out of the amounts for Administrative and Support Services, the Director is authorized to expend from the general fund an amount necessary to provide reimbursement of expenses for the Private Enterprise Commission established pursuant to § 9-325, Code of Virginia.

D. The Virginia Economic Development Partnership shall provide administrative and support services for the Department of Business Assistance until that agency is able to provide such services.

E. Notwithstanding the provisions of the Workforce Transition Act of 1995, any employee who transfers from the Department of Economic Development to the Virginia Economic Development Partnership shall not be considered to be involuntarily separated from State service and therefore shall not be eligible for the severance benefits conferred by that act.

F. Upon authorization of the Governor, the Virginia Economic Development Partnership may transfer funds appropriated to it by this act to a non-stock corporation.

G. Before the beginning 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 of the Department of Planning and Budget a report of its operating plan. Within two months after the end of the fiscal year, the Partnership shall submit an expenditure report for the concluded fiscal year. The format for both reports shall be developed with and approved by the Department of Planning and Budget.

H. Notwithstanding §2.1-548.39, Code of Virginia, for the period July 1, 1996, through June 30, 1997, all moneys of the Partnership, from whatever source derived, shall be paid into the State Treasury to the credit of the State Treasurer, and shall be disbursed pursuant to appropriations on warrants drawn by the State Comptroller. During this period the Partnership shall comply with all directives of the State Comptroller necessary to provide accurate and timely accounting for Partnership funds.

I. Out of this item $250,000 the first year from the general fund is provided for operating support for the Virginia Baseball Stadium Authority and to conduct a feasibility study to consider public benefits and financing mechanisms for constructing a baseball stadium. It is anticipated by the General Assembly that this appropriation will be paid back to the state's general fund upon the Authority's issuance of bonds.

J. Out of this item, $50,000 the first year and $50,000 the second year from the general fund is appropriated to assist the Southside Marketing Council to implement the findings and recommendations contained in the study done by the Weldon Cooper Center for Public Service at the University of Virginia.

K. In developing the criteria for its 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.

L.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 in areas corresponding to the boundaries of the regional economic development councils established by the Governor.

2. The Virginia Economic Development Partnership shall identify and target industries suited for location in the southside and southwest regions of the state. By December 1, 1996, the Partnership shall report to the Chairmen of the House Appropriations and Senate Finance Committees on the strategies, including financial and technical assistance, needed to encourage the location of industry to these regions.

M. Out of the amounts for this item shall be paid $150,000 the first year and $150,000 the second year from the general fund for the Southside Virginia Business and Education Commission.

N.1. Out of the amounts for Administrative and Support Services shall be provided $375,000 the second year from the general fund to study the development of a Prospect Decision Support System and a Marketing Presentation Center in order to enhance the Commonwealth's ability to compete more effectively with other states in trying to recruit businesses to invest and create jobs in Virginia.

2. As part of the study for the development of the Prospect Decision Support System, the Partnership shall work with the planning district commissions and other economic development organizations in the Commonwealth to develop a Geographic Information System which can be integrated statewide. The Partnership shall also develop cost sharing agreements with public and private organizations engaged in economic development in order to minimize the general fund cost of the development of the Prospect Decision Support System and Marketing Presentation Center.

O. Out of the amounts in this item shall be provided $150,000 to the Virginia Biotechnology Research Park for operating and marketing expenses.