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Commonwealth Development Opportunity Fund (COF)
Discretionary funds are available to the Governor to secure a business location or expansion project for Virginia. Cash grants are awarded to localities on a local matching basis with the expectation that the grant will result in a favorable location decision for the Commonwealth. Grants are available for qualifying projects-related costs including site acquisition and development, transportation access, utility extension or capacity upgrades, construction or additions to buildings, and workforce training.

Virginia Economic Development Incentive Grant (VEDIG)
A discretionary performance-based cash grant program designed to assist and encourage companies to invest and create new employment opportunities by locating significant headquarters, administrative or service sector operations in Virginia. Eligible projects must meet minimum thresholds for capital investment and job creation based on the location of the project in Virginia.

Virginia Investment Performance Grant (VIP)
A discretionary performance incentive designed to encourage continued capital investment in Virginia by existing Virginia companies, resulting in added capacity, modernization, increased productivity, or the creation, development, and utilization of advanced technology. The program targets manufacturers or research and development service companies supporting manufacturing that have operated in Virginia for at least three years.

Major Eligible Employer Grant (MEE)
A discretionary performance cash grant of up to $25 million to encourage significant capital investment of at least $100 million and job creation of at least 1,000 net new jobs (the number of jobs is adjusted based on average salary), by Virginia manufacturers and other basic employers, to grow in Virginia rather than another state or country. The goal of the program is to encourage major basic employers to invest in Virginia and provide a significant number of long-term employment opportunities by either making a significant expansion to existing operations or constructing new operations in Virginia.

Port of Virginia Economic and Infrastructure Development Grant Program
The Port of Virginia Economic and Infrastructure Development Fund provides cash grants of up to $500,000 to companies to locate new maritime-related employment facilities or expand existing operations in the Commonwealth that encourages and facilitates the growth of the Port of Virginia. The total amount of annual grants is limited to $5 million.

Major Business Facility Job Tax Credit
Provides a tax credit of up to $1,000 for each permanent, full-time job created at a major business facility above a threshold number of jobs. Companies must create at least 50 qualified full-time jobs or 25 qualified full-time jobs in an Enterprise Zone or an areas designated as an economically distressed area.

Worker Retraining Tax Credit
A tax credit may be available for 30 percent of all expenditures paid or incurred during the taxable year for eligible worker retraining. Retraining of a qualified employee should promote economic development in the form of noncredit courses at any Virginia community college or a private school, or worker retraining programs undertaken through an apprenticeship agreement approved by the Virginia Apprenticeship Council. A company must retrain at least ten full-time employees and make a training-related capital investment of at least $500,000.

Virginia Jobs Investment Program (VJIP)
A program that offers customized recruiting and training assistance to companies that are creating new jobs or experiencing technological change. Funding is determined based on a customized budget determined by an assessment of recruiting and training activities.

Notice: This list of economic development incentive programs is intended to provide a high-level overview of commonly pursued state discretionary programs. A comprehensive analysis of project details will determine the full scope of state and local incentive programs that may be available to support a specific project.

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