- Report Published -
|Report Document No. 3|
PUBLICATION YEAR 2011
|Annual Executive Summary of Interim Activity of the Tobacco Indemnification and Community Revitalization Commission - FY11: 07/01/10 - 01/06/11|
|Tobacco Indemnification and Community Revitalization Commission, Board Chairman|
|§ 3.2-3102 (F.)|
|Life to Date: 1,341 grants approved and $736 million obligated |
FY11 to Date: 92 grants approved and $78.7 million obligated
New Publication Links:
FY10 Annual Report (http://www.tic.virginia.gov/pdfs/Annual%20Reports/Final_VITCRC_AR_FY10.pdf)
Fact Sheet (http://www.tic.virginia.gov/pdfs/VITCRC_Fact_sheet_ForWeb.pdf)
R&D Insert in Virginia Business (http://www.tic.virginia.gov/pdfs/pressreleases/Final_Version_w_allcorrections_10_2010_TobaccoComm.pdf)
Two Full Commission Meetings:
July 29, 2010 in Marion, Virginia
October 28, 2010 in South Hill, Virginia
(Next Meeting: January 11, 2011 in Richmond)
Three Executive Committee Meetings:
1. 05/29/10 – Discussed Reserve Fund, TROF, and TROF clawback
2. 10/28/10 – Discussed Reserve, TROF policies, and the Endowment Report
3. 11/29/10 – Discussed EB-5 Investment Visa and an economic development project
Three Research and Development Committee Meetings:
1. 10/28/20 – Four grants approved totaling $15,553,225; five grants sent to VEDP for review;
2. three grants rejected; one grant referred to Southwest Econ. Dev. Committee; one grant tabled.
3. 10/06/10 – Meeting to discuss R&D grant agreements.
4. 10/27/10 – Four grants approved totaling $8,901,274; four grants sent to VEDP for review; one grant tabled.
Three Special Projects Committee Meetings:
1. 10/15/10 – 13 requests; $21,547,528 requested; eight grants approved totaling $4,515,765; five referred to other committees.
2. 10/04/10 – Two grants approved totaling $1,875,000; one grant tabled; Change of use approved for an existing grant; waiver of match condition approved for an existing grant.
3. 12/14/10 – Seven Megasite grants approved totaling $20 million.
Three Education Committee Meetings:
1. 07/28/10 – Discussed FY11 Education Committee budget; approved $350,000 cap for VCCS financial aid grants; approved consistent Tobacco Family 2-year scholarship rules; update provided for program assessment plan for Education grants.
2. 10/13/10 – Approved revised Southwest and Southside 4-Year Scholarship Rules; approved 21 grants totaling $3,916,306.
3. 10/28/10 - Commission approved request for repurposing and extended grant term for one grant.
Two Southside Economic Development Committee Meetings:
1. 10/13/10 – 20 requests; $15,856,516 requested; approved 18 grants totaling $14,271,016
2. 10/28/10 – Approved repurpose of an existing grant.
Two Southwest Economic Development Committee Meetings:
1. 07/15/10 – 21 requests; $27,813,735 requested; approved eight grants totaling $3,548,237.
2. 10/04/10 – Seven requests; $13,287,813 requested; approved five grants totaling $4,604,830; two grants tabled.
One Agribusiness Committee Meeting:
• 12/14/10 – 18 requests; $5,706,509 requested; approved 13 grants totaling $3,064,905. Approved request to repurpose one grant.
Other Meetings: 10/27/10 - New Commission Orientation; 10/28/10 - Conflict of Interest Training
Reserve Fund Summary:
- Est. in 2009
- Provided match to attract non-Commission funds
- Must prove matching funds to receive award
- Closed Program 10/29/10
- Program received 100 applications
- To date 33 grants awarded for a total of $34 million
- Matching amount leveraged = $83 million
Tobacco Region Opportunity Fund Summary:
- Five TROF’s closed:
* Total amount awarded for all five: $2,594,168
* 773 total jobs and $41 million capex promised
* One grant defaulted; $50,000 clawback collected
* Waiting for VEC data to confirm performance of remaining four
- FY11 approvals to date: 15 projects totaling $9.7 million