Virginia Economic Development Incentive Grant
The Virginia Economic Development Incentive Grant (VEDIG) is a discretionary performance incentive, designed to assist and encourage companies to invest and create new employment opportunities by locating significant headquarters, administrative, or service sector operations in Virginia.Discretionary , VEDP
The Virginia Economic Development Incentive Grant (VEDIG) is administered by the Virginia Economic Development Partnership (VEDP) and is governed by § 2.2–5102.1 of the Code of Virginia. The goal of the program is to assist and encourage companies to invest and to provide new employment opportunities by locating significant headquarters, administrative, research and development and/or similar service and basic sector operations in Virginia. This is a discretionary economic development incentive program in which grants are negotiated and offered to qualified applicants. The program uses the following metrics:
- New job creation meeting minimum wage requirements
- Private capital investment
Established in 2005 as part of the Virginia Investment Partnership Act to be included as subfund of the Virginia Investment Partnership Grant Fund. The original statute limited the total number of VEDIG projects statewide to no more than three in any one biennium. This restriction was removed in addition to reducing the waiting period for payments from four to three years and doubling the funding maximums for the program. Currently no more than $6 million in grants may be awarded for pay-out in any one year with the total amount of outstanding grants at any one time limited to $30 million.
Bechtel – In November 2011, Bechtel Corporation, one of the world’s largest engineering, construction and project management companies, announced plans to invest $18 million to relocate its Global Operations headquarters from Maryland to Fairfax County. The company also planned to establish its Government Services group headquarters, a presence for its Civil Business unit and offices for several corporate functions and services, creating a total of 625 new jobs. The Governor approved $5 million in funds from the Virginia Economic Development Incentive Grant. The Governor also approved a $1.5 million grant from the Governor’s Opportunity Fund in addition to the company being eligible for assistance from the Virginia Jobs Investment Program. As of the latest survey data, Bechtel had surpassed its goals, creating 854 jobs and investing $23.9 million.
Corporate Executive Board – In July 2014, Corporate Executive Board (CEB), the leading member-based advisory company, announced plans to invest $149.7 million in a new headquarters operation in Arlington County to support the company’s next-generation workplace plans and accommodate its growing global requirements. CEB plans to move to its new global headquarters in 2018, creating 800 new jobs. The Governor approved $5 million in funds from the Virginia Economic Development Incentive Grant and a $4.5 million grant from the Governor’s Opportunity Fund to assist Arlington County with the project. Funding and services to support the company’s employee training will be provided through the Virginia Jobs Investment Program.