Gov. Bob McDonnell is getting down to business.
McDonnell unveiled budget amendments containing $54 million in new proposed spending for job creation and economic development programs.
Last session, the General Assembly approved a $58 million package proposed by McDonnell that has been used for the past year to attract business to the commonwealth. With his latest round of funding, McDonnell is hoping to keep the economic development announcements coming.
McDonnell presented his amendments last week to members of the Senate and House finance committees.?? Among the proposals is $25 million to establish the Virginia Research and Technology Investment Fund, $1.6 million to fund a performance grant for a Micron Semiconductor plant, $2 million for the Governor’s Motion Picture Opportunity Fund, and $7.5 million to assist localities affected by base realignment and closures.
Greg Wingfield, president of the Greater Richmond Partnership, said that McDonnell’s investment in business has been successful.
The state investment has “more than paid for itself several times over with the amount of capital investment and jobs created in the last 12 months. Just in the last 45 days we’ve seen $55 million in announced capital investment and 1,900 new jobs,” Wingfield said.
According to McDonnell’s own numbers, his economic initiatives have led to the creation of 55,000 jobs to date.
“What we’ve done with that first pot of money, we got a very good return on investment. And that was during a tough economy,” Wingfield said.
Also included among the governor’s budget proposals:
* $5 million to the Virginia Small Business Financing Authority for small business loan programs
* $1 million to the Department of Housing and Community Development for the Virginia Enterprise Zone Program
* $500,000 to the Department of Housing and Community Development for the Virginia Main Street Program
* $4 million to the Department of Housing and Community Development for industrial site revitalization
* $337,500 grant payment under the Solar Photovoltaic Manufacturing Incentive for U.S. Green Energy
* $750,000 restored funding for coal mine safety
* $400,000 to the Virginia Economic Development Partnership for improving economic development efforts through regional collaboration
* $697,997 to VEDP for restored marketing funds
* $1 million to the Virginia Tourism Corporation to expand marketing partnership grant fund
* $1 million to VTC for OpSail Virginia 2012
Gov. Bob McDonnell is getting down to business.
McDonnell unveiled budget amendments containing $54 million in new proposed spending for job creation and economic development programs.
Last session, the General Assembly approved a $58 million package proposed by McDonnell that has been used for the past year to attract business to the commonwealth. With his latest round of funding, McDonnell is hoping to keep the economic development announcements coming.
McDonnell presented his amendments last week to members of the Senate and House finance committees.?? Among the proposals is $25 million to establish the Virginia Research and Technology Investment Fund, $1.6 million to fund a performance grant for a Micron Semiconductor plant, $2 million for the Governor’s Motion Picture Opportunity Fund, and $7.5 million to assist localities affected by base realignment and closures.
Greg Wingfield, president of the Greater Richmond Partnership, said that McDonnell’s investment in business has been successful.
The state investment has “more than paid for itself several times over with the amount of capital investment and jobs created in the last 12 months. Just in the last 45 days we’ve seen $55 million in announced capital investment and 1,900 new jobs,” Wingfield said.
According to McDonnell’s own numbers, his economic initiatives have led to the creation of 55,000 jobs to date.
“What we’ve done with that first pot of money, we got a very good return on investment. And that was during a tough economy,” Wingfield said.
Also included among the governor’s budget proposals:
* $5 million to the Virginia Small Business Financing Authority for small business loan programs
* $1 million to the Department of Housing and Community Development for the Virginia Enterprise Zone Program
* $500,000 to the Department of Housing and Community Development for the Virginia Main Street Program
* $4 million to the Department of Housing and Community Development for industrial site revitalization
* $337,500 grant payment under the Solar Photovoltaic Manufacturing Incentive for U.S. Green Energy
* $750,000 restored funding for coal mine safety
* $400,000 to the Virginia Economic Development Partnership for improving economic development efforts through regional collaboration
* $697,997 to VEDP for restored marketing funds
* $1 million to the Virginia Tourism Corporation to expand marketing partnership grant fund
* $1 million to VTC for OpSail Virginia 2012