For Immediate Release: April 25, 2014
Contacts: Office of the Governor: Rachel Thomas, (804) 225-4262 | Virginia Economic Development Partnership: Suzanne West Clark, (804) 545-5806

Governor McAuliffe Announces Virginia’s Acceptance in Business Incentives Initiative

 

~Virginia  one of only seven states selected for joint  project of The Pew Charitable Trusts and the  Center for Regional Economic Competitiveness ~ 

RICHMOND - Governor Terry McAuliffe announced today Virginia’s acceptance  in the Business Incentives Initiative, a joint  project of The Pew Charitable Trusts (Pew) and the Center for Regional Economic  Competitiveness (CREC). This 18-month program engages forward-thinking leaders  at the state level to reform economic development incentive reporting policies  and practices. Teams of economic development policymakers and practitioners  from seven states will improve those states’ ability to collect and report  results from incentive investments and, as a result, develop national standards  and best practices that can become road maps for other states.

Over the course of this initiative, Virginia will work with Pew, CREC, and the  six additional states, Indiana, Louisiana, Maryland, Michigan, Oklahoma and  Tennessee, to ensure that economic development investments yield a strong  return. Virginia identified key stakeholder entities to form the core of  the project team.  Under the direction of the Virginia Secretary of  Commerce and Trade and led by the Virginia Economic Development Partnership  (VEDP), the team will provide Pew and CREC with all necessary information on  policies and practices, and access to key staff.

Representatives of the following organizations will participate in the  initiative:

     
  • Office of the Governor
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  • VEDP
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  • Joint Legislative Audit and  Review Commission
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  • House Appropriations  Committee
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  • Senate Finance  Committee 
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  • Department of Planning and  Budget 
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  • Virginia Tobacco  Indemnification & Community Revitalization Commission 
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  • Virginia Center for  Innovative Technology
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  • Virginia Tourism Corporation
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  • Department of Housing and  Community Development
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  • Virginia Department of  Taxation

Virginia is committed to participating in this initiative in order to develop  national best practices on incentive data collection and reporting, and  implement best practices to improve the state’s incentive data collection and  reporting practices.

Speaking about today’s announcement, Governor McAuliffe said, “Seeking  participation in the Business Incentives  Initiative demonstrates Virginia’s commitment to business incentive evaluation  and ensuring that we continue to administer best practices. The technical  assistance from Pew and CREC to collect more accurate data on the performance  of incentive programs could greatly improve the ability of decision-makers to  craft polices that deliver the strongest results at the lowest possible costs.  In an era of increased public scrutiny, this is an appropriate time to  recalibrate our economic development programming. Participation in this study  will be valuable as part of our work to keep the Commonwealth of Virginia as  the ‘Best State for Business.’”

"This initiative is a valuable opportunity for  Virginia’s current business incentive evaluation processes to be researched and  analyzed so that we may evaluate any proposed legislative or regulatory reforms  and perfect our practices,” said Maurice  Jones, Virginia Secretary of Commerce and Trade. “We look forward to the  partnership with Pew, CREC, and our Virginia team to ultimately strengthen  our baseline foundation for incentives management and continue to attract jobs  and investment to the Commonwealth.”

“Incentives are Virginia's investment in its  economic future and a business decision for both the Commonwealth and the  company,” said VEDP President and CEO Martin Briley. “A collaborative  analysis will provide us, and others, the tools needed to evaluate overall  program effectiveness and outcomes, and to refine policy as needed towards our  economic development objectives. VEDP is grateful to lead Virginia’s team as  part of this important initiative, and is confident that an improved process will  only bolster the Commonwealth’s top-rated business environment.”

The Pew Charitable Trusts is  driven by the power of knowledge to solve today’s most challenging problems.  Learn more at www.pewtrusts.org

The Center for Regional Economic Competitiveness is an independent,  not-for-profit organization founded to provide policy makers from around the  world with the information and technical assistance they need to formulate and  execute upon innovative, regional, job-creating economic strategies.

The Virginia Economic Development Partnership, a marketing organization, was  created by the Virginia General Assembly in 1995 to encourage, stimulate, and  support the development and expansion of the economy of the Commonwealth. The  Partnership is a state authority, which is governed by a 24-member Board of  Directors appointed by the Governor and the Virginia General Assembly. To  accomplish its objectives of promoting economic expansion within the Commonwealth,  the Partnership focuses its efforts on business recruitment, expansion and  international trade. VEDP has offices in Virginia, China, Germany, Japan, India  and the United Kingdom.

 

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