CONFIDENTIAL Chesapeake Economic Development Advisory Council Christopher D. Lloyd April 9, 2010 Economic Development Accomplishments of the 2010 General Assembly

2 Legislative Accomplishments – New Incentives Creation of the Major Employment and Investment Project Site Planning Grant Fund Creation of a Green Jobs Tax Credit - $500 for “green jobs” created after January 1, 2010 Creation of a Motion Picture Film Production Tax Credit – 15% refundable credit for movie production Creation of a tax credit for venture capital investments invested through capital pools Creation of the Virginia Small Business Jobs Grant Program (HB 943)

3 Legislative Accomplishments – Expanded Programs Reduce threshold for Major Business Facilities Job Tax Credit from 100 to 50 jobs Additional flexibility on Governor’s Opportunity Fund regarding local match, grant size Additional grants available through Virginia Economic Development Incentive Grant, allows use for privately- owned buildings Gives priority for enterprise zone grants to job creation funds

4 Budget Accomplishments - Incentives Increases Governor’s Opportunity Fund to nearly $30 million for biennium (level not seen since 2000) Increases funding for Virginia Jobs Investment Program to $11.5 million in FY 2011 ($3.5 million increase) Provides $1 million to recapitalize the VSBFA Loan Guarantee Program Provides $500,000 each year for the DBA Business One Stop Program $1 million each year for the Motion Picture Opportunity Fund (in addition to the $475,000 through hotel movie tax)

5 Budget Accomplishments - Marketing $500,000 in FY 2011, $1 million in FY 2012 to allow Virginia to open offices in UK, China, India, and expand VALET program $2,250,000 each year for VEDP to re-start its advertising program (essentially defunded in 2003) $3.6 million each year for Virginia Tourism Corporation for increased marketing

6 Business Expansion | Federal Public Affairs | Strategic Communications & Grassroots Mobilization State & Local Government Affairs | Emerging European Markets Atlanta Charlotte Charlottesville Chicago Columbia Norfolk Raleigh Springfield Tyson’s Corner Washington, D.C. | Bucharest, Romania THE END