Discretionary funds available to the Governor to secure a business location or expansion project for Virginia. Grants are awarded to localities on a local matching basis with the expectation that the grant will result in a favorable location decision for the Commonwealth.
The Virginia Investment Partnership (VIP) Grant and the Major Eligible Employer Grant (MEE) are discretionary performance incentives designed to encourage continued capital investment by Virginia companies, resulting in added capacity, modernization, increased productivity, or the creation, development and utilization of advanced technology.
The Virginia Economic Development Incentive Grant (VEDIG) is a discretionary performance incentive, designed to assist and encourage companies to invest and create new employment opportunities by locating significant headquarters, administrative or service sector operations in Virginia.
The Virginia Voluntary Remediation Program (VRP) and Brownfields allow the City of Chesapeake to exempt, or partially exempt environmental restoration sites from local taxation annually for a period not in excess of five years. An environmental restoration site is real estate which contains or has previously contained environmental contamination, the restoration must diminish or prevent pollution to the atmosphere or waters of the Commonwealth of Virginia.