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Virginia Economic Development Partnership
Jeffrey M. AndersonExecutive Director
Description Governor Legislature
Operating Amendments
Market to India and China $100,000 0
Virginia International Trade Alliance (VITAL) $250,000 0
Va. Biotechnology Research Park - $50,000
Incentive-Based Amendments
FY2008 Governor’s Opportunity Fund $1,500,000 $750,000
Governor’s Opportunity Fund (Biennium) $15,100,000 $7,600,000
Virginia Investment Partnership (VIP) $1,310,966 $1,310,966
SRI, International $5,000,000 $2,000,000
Semiconductor Phase I and II $15,470,000 $15,470,000
Rolls Royce $1,300,000 $1,300,000
Qimonda Acceleration $5,375,000 0
FY2009 VEDP Budget Requests
Description Governor Legislature
Operating Amendments
Market to India and China $100,000 0
Virginia International Trade Alliance (VITAL) $250,000 0
Incentive-Based Amendments
Governor’s Opportunity Fund (Biennium) - $7,500,000
Virginia Investment Partnership (VIP) $2,280,966 $2,280,966
SRI, International $2,000,000 $2,000,000
Semiconductor Phase I and II $8,750,000 $8,750,000
Rolls Royce $9,400,000 $9,400,000
Qimonda Acceleration $8,375,000 0
FY2010 VEDP Budget Requests
Additional Legislative Studies
• Single Sales Factor Tax Apportionment Corporate Income Tax Study
• Premium tax rates for insurance company HQs
• DBA Consolidation Study
• Science and Technology Study
City of Newport NewsCity of Newport News
GOVERNOR’S OPPORTUNITY FUND
• Updated Guidelines and Performance Agreement• Found at www.virginiaallies.org• Size: Typical maximum GOF is $1,500,000• Extensions: Up to 15 months in consultation with VEDP• CapEx Target: Greater flexibility to count leased
facilities
VEDP Monitors Actual Return on Invested Capital for Projects Receiving GOF• Performance data from FY2002-FY2006 (updated quarterly)• 128 projects received GOF• GOF Disbursements- $53.1 million• Total Incentive Grants - $133.1 million (TROF, VJIP, VIP, EZ, etc.)
Results to Date (since FY2002)• Gross Revenue $602.8 million• Net State Revenue $469.7 millionProjected 10 Year Returns on Existing Companies• Gross Revenue $1,589.7 million• Net State Revenue $1,456.7 million• State Benefit to Cost Ratio: $12 to $1
Governor’s Opportunity Fund Return on Investment
Notable Activities• Division of International Trade was the recipient of
the Presidential E-Star Award, the nation’s highest export award (one of four in the country)
• Ranked #3 in Pollina’s Top Ten in Economic Development
• Governor’s CEO Dinner – May 14
Marquee Upcoming Events• West Coast Marketing Trip/VA Chamber Executive
Reception – June 17-19• Farnborough/Europe Marketing Trip – July 13-18• Virginia Conference on World Trade – Norfolk –
October 16
VEDP New Hires
Business Development
Robin Bass Administrative Staff Assistant
Jackie Hudson Project Manager
Twyla Powell Project Manager
International Trade
Knox Hubard Sr. International Trade Manager
Ralph Torning International Trade Manager
