Virginia Economic Development Partnership (310)

Authority: Title 2.2, Chapter 22, Article 4 and Chapter 51; and § 15.2-941, Code of Virginia.

A. Upon authorization of the Governor, the Virginia Economic Development Partnership may transfer funds appropriated to it by this act to a nonstock corporation.

B. Prior to July 1 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, Department of Planning and Budget a report of its operating plan. Prior to September 1 of each fiscal year, the Partnership shall provide to the Chairmen of the House Appropriations and Senate Finance Committees and the Director, Department of Planning and Budget a detailed expenditure report and a listing of the salaries and bonuses for all partnership employees for the prior fiscal year. All three reports shall be prepared in the formats as previously approved by the Department of Planning and Budget.

C. In developing the criteria for any 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.

D.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.

2. The Virginia Economic Development Partnership shall identify and target industries suited for location in the southside and southwest regions of the state.

E. The State Comptroller shall disburse the first and second year appropriations in twelve equal monthly installments. The Director, Department of Planning and Budget may authorize an increase in disbursements for any month, not to exceed the total appropriation for the fiscal year, if such an advance is necessary to meet payment obligations.

F. The Virginia Economic Development Partnership shall provide administrative and support services for the Virginia Tourism Authority as prescribed in the Memorandum of Agreement until July 1, 2012, or until the authority is able to provide such services.

G. The Virginia Economic Development Partnership shall report one month after the close of each quarter to the Chairmen of the Senate Finance and House Appropriations Committees on the Governor's Development Opportunity Fund. The report shall include, but not be limited to, total appropriations made or transferred to the Fund, total grants awarded, cash balances, and balances available for future commitments.

H. The Virginia Coalfield Economic Development Authority is authorized to spend funds provided by Chapters 91 and 1066 of the Acts of Assembly of 2000, which extended the coalfield employment enhancement tax credit, for workforce development and training.

I. Prior to purchasing airline and hotel accommodations related to overseas trade shows, the Virginia Economic Development Partnership shall provide an itemized list of projected costs for review by the Secretary of Commerce and Trade.

J. The amounts for Economic Development Services include $500,000 the first year and $500,000 the second year from the general fund to market distressed areas of the Commonwealth.

K. Out of the amounts for Economic Development Services shall be provided $1,379,095 the first year from the general fund to the Virginia Commercial Space Flight Authority.  Oversight of the Virginia Commercial Space Flight Authority is transferred to the Secretary of Transportation in Item 436 of this act and funding for the second year is also addressed in such Item.

L. Out of the amounts for Economic Development Services shall be provided $215,000 the first year and $215,000 the second year from the general fund to assist small manufacturers with the export of advanced manufacturing products.

M.1. Out of the amounts for Economic Development Services shall be provided $403,317 the first year and $395,251 the second year from the general fund for operations of the Virginia National Defense Industrial Authority.

2. Employees of the authority shall be eligible for membership in the Virginia Retirement System and participation in all of the health and related insurance and other benefits, including premium conversion and flexible benefits, available to state employees as provided by law.

N.1. The Virginia Economic Development Partnership shall establish a working group with representatives from the Commonwealth Center for Advanced Manufacturing, the University of Virginia, James Madison University, Blue Ridge Community College, the Shenandoah Valley Partnership, the Virginia Association of Manufacturers, and other affected parties to develop a plan for a satellite site of the Commonwealth Center for Advanced Manufacturing to support the economic development needs of the Shenandoah Valley region of the Commonwealth.  The Partnership shall report to the Chairmen of the House Appropriations and Senate Finance Committees on the feasibility of such a satellite site and provide any recommendations regarding its establishment by November 15, 2010.

2. Out of the amounts for Economic Development Services shall be provided $300,000 the second year from the general fund to finance the workforce needs identified as a result of the working group review conducted pursuant to paragraph N.1. of this item.  Of these amounts, $150,000 the second year from the general fund shall be provided to the Shenandoah Valley Partnership and Workforce Investment Board used to plan, coordinate and conduct a regional study, to contract with experts for data collection and analysis, for regional outreach and communication, and to print and disseminate the study results.  The remaining $150,000 the second year from the general fund shall be used to coordinate industry-specific training at Blue Ridge Community College and provide seed money to existing regional education and training providers so that previously identified workforce training needs of manufacturers in the Shenandoah Valley region can be immediately addressed.

P. Out of the amounts for economic development services shall be provided $500,000 the first year and $1,000,000 the second year from the general fund to establish economic development offices in China, India and the United Kingdom and to expand the VALET program at the Virginia Economic Development Partnership.

Q. Out of the amounts for economic development services shall be provided $2,250,000 the first year and $2,250,000 the second year from the general fund to implement an aggressive national and international advertising campaign and to market Virginia through the Virginia Economic Development Partnership.  Out of the amounts provided in this paragraph, $43,279 from the general fund in the second year shall be provided to the Virginia-Israel Advisory Board which, in conjunction with the Governor's trade mission to Israel, will be used to attract additional Israeli businesses to the Commonwealth.

R. Out of the amounts in this appropriation, $200,000 the second year from the general fund is provided to improve economic development efforts through regional collaboration.

S. Out of the amounts for Economic Development Services shall be provided $1,000,000 in the second year from the general fund to be deposited in the Brownfields Restoration and Economic Development Fund established pursuant to § 10.1-1237, Code of Virginia.