VIRGINIA INCENTIVES SUMMARY

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 project-related costs, including site acquisition and development, transportation access, utility extension or capacity upgrades, construction or building additions, 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 project's location 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 program's goal 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 (EID Grant)
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, which encourages and facilitates the growth of the Port of Virginia. The total amount of annual grants is limited to $5 million.

New Jobs Program
Targets expansions of existing Virginia companies or new facility locations that involve competition from other states or countries. Companies must have at least 250 employees company-wide, create at least 25 net new full-time jobs, and make a capital investment of at least $1 million..

Retraining Program
The program targets existing Virginia companies that are planning expansion projects. A company must train at least 25 new full-time employees and make a training-related capital investment of at least $1 million.

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