MARKETING VIRGINIA VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP YESVIRGINIA.ORG

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1 MARKETING VIRGINIA VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP YESVIRGINIA.ORG 1

2 VEDP MISSION STATEMENT To enhance the quality of life and raise the standard of living for all Virginians, in collaboration with Virginia communities, through aggressive business recruitment, expansion assistance, and trade development, thereby building the tax base and creating higher income employment opportunities.

3 WHY ECONOMIC DEVELOPMENT? $ for Companies Profit and Sustainability $ for Citizens Quality of Life, Wealth Creation $ for Government Services for citizens Creating better, stronger communities VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP

4 EASY ACCESS TO STRATEGIC MARKETS Over 50 percent of the nation s population and 50 percent of the manufacturing activity are within a 2-day drive of Richmond Virginia has the 3 rd largest statemaintained transportation network in the U.S. Port of Virginia is the 3rd largest port on the East Coast by volume and features automated intermodal facilities with doublestack rail that ship to Chicago within 2 days

5 VIRGINIA S TRANSPORTATION ASSETS

6 COMMERCIAL AIR ACCESS 14 commercial airports serve Virginia, including Washington Dulles International and Ronald Reagan Washington National

7 ECONOMIC DEVELOPMENT ACCESS (ROAD) FUND Modest grants to assist with the cost of getting a public road to a plant boundary Basic employers: Manufacturing, corporate HQs, processing, R&D, distribution centers Administered by Virginia Department of Transportation

8 INDUSTRIAL RAIL ACCESS PROGRAM Modest grants to assist with the cost of extending a track to a plant site Two years to construct after contracted If not used as proposed by 5 th year then grant must be repaid Build track on private or public property Administered by Department of Rail and Public Transportation

9 PORT INCENTIVES Port Opportunity Fund Excess port revenues captured to enhance marketing by VPA and to provide incentives to users of the Port Economic and Infrastructure Development Zone For maritime or logistics-related companies in Zone that create at least 25 new jobs $1,000 - $3,000 per job created As of July 1, Zone was expanded to include the entire Commonwealth 3 Port-Related Tax Credits International trade facilities; increased rail & barge use; increased port usage Enhanced in 2014 General Assembly session

10 VIRGINIA IS ASSET RICH: TALENTED WORKFORCE The national leader for concentration of high-tech workers A right-to-work state The 5th-lowest unionization rate in the country (5.5%), and one of the lowest in the private sector (3.0%) Population of just over 8 million, workforce of over 4.2 million One of the nation s most educated workforces 1 in 3 Virginians holds a bachelor s or advanced degree Ranked 4th in total high-technology employment as reported in Cyberstates 2013 VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP

11 VIRGINIA IS ASSET RICH: EDUCATION 15 public comprehensive institutions More than 50 private accredited four-year institutions 23 community colleges provide occupational and technical training programs Virginia s high schools graduated nearly 87,000 students in % continuing to pursue a 2- or 4-year degree or other advanced education program More than 475,000 students enrolled in over 100 in-state institutions of higher education VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP

12 VIRGINIA JOBS INVESTMENT PROGRAM Cash grant per job Develop complete training program: recruitment services, pre-employment and post-employment training Wages of at least 1.35 x FMW Was transferred to VEDP as of July 1

13 SMALL BUSINESS JOBS GRANT PROGRAM Provides a grant between $500 and $2,000 for each job over a 5 job threshold Wages of at least 1.35 x FMW Requires a capital investment of at least $100,000 Preference for jobs created in high unemployment areas Administered by Department of Small Business and Supplier Diversity

14 VCCS & WIOA & DOLI Customized Training Programs Training Centers Layoff Aversion Funding Trade Adjustment Act Funding Apprenticeship Certification Worker Retraining Tax Credit Trade Act Adjustment Funding

15 VA ENTERPRISE ZONE INCENTIVES Job grants over 4 job threshold: $500 or $800 per job per year for 5 years Real estate grants: 20% of investment up to $200,000 Administered by Department of Housing and Community Development Subject to proration Preference to job grants over real estate

16 VIRGINIA IS ASSET RICH: RESEARCH & DEVELOPMENT Internationally recognized research & development facilities foster innovation Home to a strong presence of federal research & development activities 11 federally funded R&D centers 20 FLC Laboratories such as the Homeland Security Institute, NASA Langley Research Center & the Thomas Jefferson National Accelerator Facility Several nationally prominent research institutes have established significant centers in Virginia Commonwealth Center for Advanced Manufacturing, SRI s Center for Advanced Drug Research, the National Institute of Aerospace & the Howard Hughes Medical Institute Janelia Farm VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP

17 VIRGINIA INNOVATION ASSETS Center for Innovative Technology Federal Funding Assistance Program Commonwealth Research Commercialization Program GAP Seed Investment Fund Program MACH37 Cyber Accelerator Virginia Bioscience Health Research Corporation Competitive/collaborative grant program Life science focus The Launch Place Regional Accelerator/Seed Funding Virginia Tobacco Commission Research & Development Program Sector-focused, geographically-focused Applied Research R&D Tax Credit 15% or 20% of increased R&D costs

18 RESEARCH AND DEVELOPMENT CENTERS

19 RESEARCH AND DEVELOPMENT CENTERS Unique Intellectual Property Policy Member-owned Directed Research All members share intellectual property for Generic Research VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP

20 RESEARCH AND DEVELOPMENT CENTERS VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP

21 MARS SPACEPORT AT WALLOPS ISLAND VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP

22 A BEST STATE FOR BUSINESS Forbes.com #1 Best States for Business #1 or #2 since 2006 Business costs Labor Supply Regulatory Environment Economic Climate Growth Prospects Quality of Life CNBC #5 Top States for Business Top 5 state since 2007 Cost of Doing Business Workforce Quality of Life Economy Transportation & Infrastructure Technology & Innovation Education Business Friendliness Pollina Corporate Real Estate, Inc. #4 Most Business Friendly State Top 4 state since business climate categories including taxes, human resources, rightto-work legislation, energy costs, infrastructure spending, worker compensation legislation, and jobs lost or gained 13 state government- controlled factors such as financial incentive programs and state economic development department evaluations

23 MAJOR ANNOUNCEMENTS - RECENT YEARS

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25 ALLY COMMUNICATION Third Wednesday Webinars On-site Strategy Coaching Virginia Learning Collaborative ALLY RELATIONS Local Return on Investment Model Marketing Calendar Local Return on Investment Model A Guidebook for Local Elected Officials BX Manager Liaisons VanillaScan Executive Pulse

26 Liz Povar, Vice-President Business Expansion Department