Options:
1.
View Reports by Status
  • Published
  • Pending
  • Overdue
  • 2.
    Search Reports
    3.
    Register to receive report status email notification.


    Document Summary
    - Report Published -

    Report Document No. 3
    PUBLICATION YEAR 2011

    Document Title
    Annual Executive Summary of Interim Activity of the Tobacco Indemnification and Community Revitalization Commission - FY11: 07/01/10 - 01/06/11

    Author
    Tobacco Indemnification and Community Revitalization Commission, Board Chairman

    Enabling Authority
    3.2-3102 (F.)

    Executive Summary
    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)

    Meeting Summary

    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