POV Grant

Port of Virginia Economic and Infrastructure Development Grant

The Port of Virginia Economic and Infrastructure Development Grant provides a grant to incentivize companies to locate new maritime-related employment centers, or expand existing centers, in order to encourage and facilitate international trade and the growth of the Port of Virginia.

Discretionary , POV

Background

 

The goal of awarding Port of Virginia Economic and Infrastructure Development Grant (POV Grant) is to incentivize companies to locate new maritime-related employment centers or expand existing centers in Virginia to encourage and facilitate the growth of the Port of Virginia. The POV Grant is a recently created incentive program, with the first award occurring in FY2014. As a result, the Port of Virginia continues to research an appropriate overall measure or ratio to gauge program effectiveness. The program uses the following metrics:

  • Virginia jobs created
  • Verification of Port of Virginia customer

The incentive is paid after an approved performance agreement between Port of Virginia and the company has been signed. The performance agreement contains a clawback provision. The performance period is typically 36-months; milestones reflect latest information received from company in the specified fiscal year.

 

Success Stories

 

International Paper – In 2009 International Paper closed their mill in Franklin, Virginia resulting in the layoff of more than 1,100 employees.  In May of 2011, because of the idled plant’s unique proximity to The Port of Virginia, International Paper announced plans to repurpose the mill to produce fluff pulp for export. This was the first reactivation of a closed mill in the company’s history.  The Port of Virginia’s services and international reach, along with a $500,000 award from The Port of Virginia Economic and Infrastructure Development Grant Program helped International Paper create over 200 permanent, full-time positions producing more than 20,000 containers of  fluff pulp for export annually. 

 

ship stern

Contact:

Russell Held