- Report Published -
|Annual Operating Plan of the Virginia Economic Development Partnership|
|Virginia Economic Development Partnership|
|Appropriation Act - Item 128 B. (Special Session I, 2004)|
The Virginia Economic Development Partnership (VEDP) was established by the General Assembly in 1995 as "...a body corporate and political subdivision..." known as an authority and was given broad powers "...to encourage, stimulate, and support the development and expansion of the economy of the Commonwealth."
Beginning on July 1, 2005, VEDP will be guided by a Board of Directors consisting of the Secretary of Commerce and Trade, the Secretary of Finance, and 19 members appointed as follows: one from each congressional district of the Commonwealth and two citizens at large appointed by the Governor, subject to confirmation by the General Assembly; four citizens at large appointed by the Speaker of the House; and two citizens at large appointed by the Senate Committee on Rules.
The six citizens appointed by the General Assembly reside in regions of the Commonwealth that have a higher unemployment rate than that of the statewide average unemployment rate as reported by the Virginia Employment Commission for the preceding four years from the date of appointment.