The Essex County Economic Development Authority (EDA) gained some insight into financial opportunities it can receive from GO Virginia.
Sarah Oldaker, the economic development program manager for GO Virginia Region 6, was the guest speaker at the EDA’s May 1 session. Region 6 covers the Middle Peninsula, Northern Neck and the Fredericksburg area. It is the second largest geographical region in the GO Virginia program.
The Virginia Growth and Opportunity (GO Virginia) Board was created in 2016 by the Virginia General Assembly with the passage of the Virginia Growth and Opportunity Act.
GO Virginia is a collaborative economic development initiative that engages Virginia businesses, local governments, and other regional partners to create more diverse, connected regional economies across the Commonwealth.
“The program seeks opportunities to promote private sector growth in targeted, traded industry clusters and create high-paying jobs through incentivizing regional cooperation and collaboration,” Oldaker told the EDA.
According to Oldaker, money from the Virginia Growth and Opportunity Fund is used to fund economic development projects in nine designated regions. The certified regional councils must develop growth and diversification plans in order to qualify to receive grants from the Fund. Any project put forward by a regional council must be approved by the GO Virginia State Board.
The GO Virginia Mission Statement is: GO Virginia will create more higherpaying jobs through incentivized collaboration, primarily through out-of-state revenue, which diversifies and strengthens the economy in every region.
Its goals are:
• Create higher paying jobs in targeted traded industry sectors
• Grow and diversify regional economies
• Encourage and incentivize regional collaboration
Oldaker, who is presently serving as the Region 6 interim director, said eligible applicants include local government entities or organizations working on behalf of local government entities may apply to receive a GO Virginia grant. These organizations may include: regional government entities, nonprofit organizations, regional economic development organizations, regional chambers of commerce, planning district commissions colleges and universities.
She added that profit-making entities are not eligible to apply.
According to Oldaker, priority investment areas include:
• Workforce Development and Credentialing (Bridge the gap between education and the needs of businesses. Attract and retain talent in the region)
• Entrepreneurship Activities and Cluster Scale-Up (Develop a strong entrepreneurial ecosystem. Identify, empower, and support entrepreneurs. Enhance technology commercialization from research centers and institutions).
• Site Development (Increase the number of business ready sites to either Tier 3, Tier 4, or Tier 5.
Support localities in identifying viable sites for development).
Priority growth clusters include aquaculture, forestry, manufacturing, distribution, information/data centers, professional, scientific and technical services, and agriculture/ controlled environment agriculture.
During her presentation, Oldaker reviewed topics such as site development guidance and site development funding matches. Matches (cash or in-kind) must be committed to support activities described in the application and projectrelated match expenditures must be documented as GO Virginia funds are drawn down to complete the project, Oldaker pointed out.
Basic requirements for project support include:
• Focus on at least one priority investment area
• Enhance at least one Region 6 priority industry cluster
• Letters of support from project partners and private industry
• Focus on Collaboration
• Have at least two Region 6 localities involved in the project
Some local projects that have been funded via GO Virginia include the Rappahannock Community College New Career Training Center and the West Point Airport Industrial Site Evaluation.
According to Oldaker, RCC will renovate and repurpose an existing maintenance warehouse structure on the RCC Glenns Campus to improve classroom space and expand dual enrollment opportunities for RCC’s high demand workforce training programs. The new Career Training Center will offer Diesel Mechanics, Welding, and HVAC programs. The Center will allow for day classes for dual enrolled students and evening classes for adult students.
The GO Virginia request was for $290,000 with a similar match.
GO Virginia funds used to purchase and install specialized equipment, train 94 students with 84 receiving credentials, and provide 44 students with dual enrollment programs and serve 6 businesses in the region.
Regarding the West Point Airport, Oldaker said the Middle Peninsula Planning District Commission (MPPDC) will accelerate development of a 368-acre industrial site at the Middle Peninsula Airport. This publicly owned site has potential to support businesses in the maritime, forest products, manufacturing and resiliency related sectors, she said.
The GO Virginia request was for $100,000 with a $65,000 match. The Town of West Point and King and Queen County are the project partners.
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