GO Virginia Board Approves Guidelines For New Economic Development Tool
RICHMOND— GO Virginia (www.govirginia.org), the initiative to create more higher-paying jobs across Virginia through business-led regional collaboration, today welcomed two new members of its board and approved the Collaborative Economic Development Act Guidelines. Passed as part of the GO Virginia effort in 2016, the Collaborative Economic Development Act represents the first time Virginia’s localities will be able to share in the state income tax revenue generated by job creation. The guidelines require two or more localities to collaborate on infrastructure, job training, site development, or other needs to help attract and grow companies – and when that occurs the state will make grants based on the new payroll taxes to support further collaborative activities. This new incentive for collaboration is a major advancement in bringing new investments and higher-paying jobs to the Commonwealth.
Growth and Opportunity Board Chairman John O. “Dubby” Wynne said, “The Collaborative Economic Development Act brought about by GO Virginia is a game changer in the way we bring business to the Commonwealth. Major projects, which bring more higher-paying jobs and capital investment to Virginia, often require localities to collaborate. This incentive will help provide even more of a reason for them to do so as we compete for future investment. With the Collaborative Economic Development Act guidelines adopted, we can now continue our work to get Virginia back to the number one place to do business while providing more opportunity for all Virginians.
“We are also pleased to welcome Jennifer Boykin and Doug Juanarena to the Growth and Opportunity board. We are excited about the new perspective and institutional knowledge they will bring on issues such as workforce training and entrepreneurship. Jennifer R. Boykin of Suffolk is President of Newport News Shipbuilding and replaces Matt Mulherin. Doug Juanarena of Blacksburg is a retired serial entrepreneur and replaces Wick Moorman.”
About GO Virginia: GO Virginia is an effort to create more higher paying jobs through incentivized collaboration and out of state investment that diversifies and strengthens the economy in every region of the Commonwealth. The coalition is comprised of business and community leaders, partners in education and government, and interested Virginians from across the Commonwealth who support regional cooperation to enhance economic and workforce development. Bipartisan and business-led, the coalition supports state incentives to encourage collaboration among business, education, and government in each region, providing a framework for implementation of the private sector-focused growth strategies. Learn more and join the coalition at www.govirginia.org.