- The company must have no existing property or payroll in the Commonwealth of Virginia as of January 1, 2018.
- The company must derive more than 50 percent of its revenue from outside the Commonwealth.
- A Company must generate a positive fiscal impact, as determined by VEDP.
Statutory Minimum General Eligibility Thresholds:
At the discretion of VEDP, jobs may include teleworking positions, held by Virginia residents, who are employees of the recipient company or its affiliates.
Qualified Localities and Qualified Development Site:
A Qualified Locality means a localities where companies can apply for the exemption, and are: County of Accomack, Alleghany, Amelia, Appomattox, Bland, Brunswick, Buchanan, Buckingham, Caroline, Carroll, Charlotte, Craig, Cumberland, Dickenson, Dinwiddie, Essex, Giles, Gloucester, Grayson, Halifax, Henry, King and Queen, King William, Lancaster, Lee, Lunenburg, Mathews, Mecklenburg, Middlesex, Northampton, Page, Northumberland, Nottoway, Patrick, Pittsylvania, Prince Edward, Richmond, Russell, Scott, Smyth, Tazewell, Washington, Westmoreland, Wise or Wythe; or the City of Bristol, Danville, Galax, Martinsville, Norton or Petersburg.
A Qualified Development Site means, real property that is in a locality adjacent to a Qualified Locality and, before January 1, 2018, either (i) was owned or partly owned by a qualified locality or an industrial development authority of which a qualified locality is a member or (ii) was owned or partly owned by a locality or industrial development authority, was leased to a private party, and was subject to a revenue-sharing agreement providing that a portion of the revenues from the lease would be distributed to a qualified locality.
Expectations for Companies Receiving Benefits:
Companies receiving benefits from the New Company Incentive Program are expected to distribute, or expend at the direct benefit of employees, at least 50% of the proceeds to employees.
- It is expected that the distribution to the employees will take place in the calendar year in which the COF Grant proceeds were received by the Company.
- The Company has latitude to determine how, when and in what manner to make the distribution to the employees. In each Company Application, the Company will indicate how, when and in what manner the distribution is to be made. In the next Company Application, following receipt of COF Grant proceeds by the Company, the Company will report to VEDP how, when and in what manner the distribution was made to the Company’s employees.