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Chesapeake Economic Development Advisory

Council Christopher D. Lloyd

April 9, 2010

Economic Development

Accomplishments of the 2010 General

Assembly

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Legislative Accomplishments – New Incentives• Creation of the Major Employment and Investment

Project Site Planning Grant Fund• Creation of a Green Jobs Tax Credit - $500 for

“green jobs” created after January 1, 2010• Creation of a Motion Picture Film Production Tax

Credit – 15% refundable credit for movie production

• Creation of a tax credit for venture capital investments invested through capital pools

• Creation of the Virginia Small Business Jobs Grant Program (HB 943)

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Legislative Accomplishments – Expanded Programs• Reduce threshold for Major Business Facilities Job

Tax Credit from 100 to 50 jobs• Additional flexibility on Governor’s Opportunity

Fund regarding local match, grant size• Additional grants available through Virginia

Economic Development Incentive Grant, allows use for privately-owned buildings

• Gives priority for enterprise zone grants to job creation funds

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Budget Accomplishments - Incentives

• Increases Governor’s Opportunity Fund to nearly $30 million for biennium (level not seen since 2000)

• Increases funding for Virginia Jobs Investment Program to $11.5 million in FY 2011 ($3.5 million increase)

• Provides $1 million to recapitalize the VSBFA Loan Guarantee Program

• Provides $500,000 each year for the DBA Business One Stop Program

• $1 million each year for the Motion Picture Opportunity Fund (in addition to the $475,000 through hotel movie tax)

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Budget Accomplishments - Marketing

• $500,000 in FY 2011, $1 million in FY 2012 to allow Virginia to open offices in UK, China, India, and expand VALET program

• $2,250,000 each year for VEDP to re-start its advertising program (essentially defunded in 2003)

• $3.6 million each year for Virginia Tourism Corporation for increased marketing

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Business Expansion | Federal Public Affairs | Strategic Communications & Grassroots MobilizationState & Local Government Affairs | Emerging European Markets

Atlanta • Charlotte • Charlottesville • Chicago • Columbia • Norfolk • RaleighSpringfield • Tyson’s Corner • Washington, D.C. | Bucharest, Romania

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