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Virginia launches accelerator for $250M+ economic development projects
State program will fast-track qualifying expansions or new facilities
A Morgan Olson step-van manufacturing trainee practices riveting at the Institute for Advanced Learning and Research in Danville during an April 2020 training conducted through the Virginia Economic Development Partnership’s Virginia Talent Accelerator Program. Photo courtesy Virginia Economic Development Partnership
A Morgan Olson step-van manufacturing trainee practices riveting at the Institute for Advanced Learning and Research in Danville during an April 2020 training conducted through the Virginia Economic Development Partnership’s Virginia Talent Accelerator Program. Photo courtesy Virginia Economic Development Partnership
Virginia launches accelerator for $250M+ economic development projects
State program will fast-track qualifying expansions or new facilities
The state is launching a program to fast-track major new economic development projects and expansions with large capital investments.
The Made in Virginia Investment Accelerator (MVIA), announced Thursday by Gov. Glenn Youngkin, will provide “concierge-style service” and coordination among state agencies to expedite companies’ relocations or growth.
To qualify, a project must be an expansion or new facility with more than $250 million in capital investment and creating more than 500 net jobs.
The MVIA’s objectives are accelerated project timelines, unified support from state agencies “from construction to full production and beyond,” access to state assets like shovel-ready sites, and industry and talent expertise from the Virginia Economic Development Partnership, according to a factsheet.
Localities and partners will collaborate to identify a suitable location for a project. The program also will place qualifying projects in the Virginia Business Ready Expedited Permitting Program to speed up permitting and local approvals for site development and construction.
The secretary of commerce and trade’s office and VEDP are executive sponsors of the MVIA. Collaborating infrastructure-related partners include the Virginia Department of Transportation, the Port of Virginia and Virginia Energy. The Virginia Department of Environmental Quality and Virginia Department of Health will provide permitting support. Virginia Works, the Virginia Department of Housing and Community Development and Virginia Housing will be workforce-related partners.
