Port of Virginia Economic and Infrastructure Development Zone Grant Program (Virginia)

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Last modified on February 12, 2015.

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Place Virginia


   
Applies to States or Provinces Virginia Virginia
Name Port of Virginia Economic and Infrastructure Development Zone Grant Program (Virginia)
Policy Category Financial Incentive
Policy Type Grant Program
Affected Technologies Natural Gas, Tidal Energy, Wave Energy, Wind energy
Active Policy Yes

Implementing Sector State/Province




























Primary Website http://www.portofvirginia.com/stewardship/economic-development/ed-infrastructure-grant-program/
Applicable Jurisdiction The following localities are part of the Port of Virginia Economic and Infrastructure Development Zone: the Counties of Brunswick, Chesterfield, Charles City, Clarke, Dinwiddie, Frederick, Gloucester, Greensville, Henrico, Hanover, Isle of Wight, James City, Mecklenburg, Montgomery, New Kent, Prince George, Southampton, Surry, Sussex, Warren, and York; and the Cities of Chesapeake, Colonial Heights, Emporia, Hampton, Hopewell, Newport News, Norfolk, Petersburg, Poquoson, Portsmouth, Richmond, Suffolk, Virginia Beach, Williamsburg, and Winchester.


Last Review 2015-01-29
Last Substantive Modification
to Summary
2015-01-29


Summary

The Port of Virginia Economic and Infrastructure Development Grant Program (POV Grant) provides a grant to certain Qualified Companies to incentivize companies to locate new maritime-related employment centers or expand existing centers in specified localities in order to encourage and facilitate the growth of the Port of Virginia in accordance with criteria established by legislation.

Subject to appropriation, a POV Grant is available from January 1, 2014 until June 30, 2020. The maximum amount of grant allowable per Qualified Company is $500,000 and the maximum amount of POV Grants allowable among all Qualified Companies in any given fiscal year is $5 million. For Fiscal Year 2015, the maximum amount of POV Grants allowable among all Qualified Companies is $2 million.




      
     
     

Authorities (Please contact the if there are any file problems.)

Authority 1: Va. Code 62.1-132.3:1 (Port Opportunity Fund)




Authority 2: Va. Code 62.1-132.3:2 (Grants to Companies)




Authority 3: H.B. 1301




Authority 4: § 62.1-132.3:2. Port of Virginia Economic and Infrastructure Development Grant Fund and Program.

















References