The Virginia Resources Authority provides financing options to support community investment in a number of areas, including wastewater, flood prevention and dam safety, solid waste, water, land conservation and preservation, energy, and site acquisition and development for economic and community development. The Authority also administers the Water Facilities, Water Supply, and Solid Waste or Recycling Revolving Funds, as described in subsequent chapters of the Virginia Code.
The Virginia Regional Industrial Facilities Act is meant to aid the economic development of localities within the Commonwealth. The Act provides a mechanism for localities to establish regional industrial facility authorities, enabling them to pool financial resources to stimulate economic development. The purpose of a regional industrial facility authority is to enhance the economic base for the member localities by developing, owning, and operating one or more facilities on a cooperative basis involving its member localities.
The Virginia Jobs Investment Program provides cash grants to existing businesses which seek expansion or new facility locations. The company must create a minimum of 25 net new jobs within 12 months from the date of first hire and make a capital investment of at least $1,000,000.
The Virginia Jobs Investment Program offers three programs to both new and existing businesses.
New Jobs Program: For companies or start ups expecting significant growth in the next three years.
The Gas and Oil Act addresses the exploration, development, and production of oil and gas resources in the Commonwealth of Virginia. It contains provisions pertaining to wells and well spacing, permits and fees, ownership of coalbed methane gas, and land leases. No county, city, town or other political subdivision of the Commonwealth may impose any condition, or require any other local license, permit, fee or bond to perform any gas, oil, or geophysical operations which varies from or is in addition to the requirements of this chapter.
The Virginia Enterprise Zone Job Creation Grant provides cash grants to businesses located in Enterprise zones that create permanent new jobs over a four-job threshold. State incentives are available to businesses and zone investors who create jobs and invest in real property within the boundaries of enterprise zones. The positions must pay at least 175 percent of the federal minimum wage rate and the availability of health benefits. The cash grant maximum is $500 per position and may be claimed for up to five years.
The 2010 Virginia Energy Plan affirms the state's support for the development of renewable energy. The Plan assesses the state’s energy picture through an examination of the state’s primary energy sources: electricity, coal, nuclear, natural gas, renewables, and petroleum.
The Virginia Electric Utility Regulation Act constitutes the main legislation in Virginia that pertains to the regulation of the state's electric utilities. The Act directs the State Corporation Commission to construct regulations for electric utilities, and contains information on rate regulations. Section 56-585.2 specifically pertains to the integration of renewable energy sources into the electric grid through the state's renewable portfolio program. More specific regulations can be found in the state's Administrative Code.
The Virginia Economic Development Incentive Grant is a discretionary cash grant, 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 program requires a capital investment of at least $5 million or $6,500 per job (whichever is greater) and job creation thresholds ranging between 200-400 depending upon the locality.
The Virginia Capital Access Program (CAP), in partnership with Virginia’s Small Business Financing Authority, provides access to capital for small businesses. Businesses must apply to participating banks for a traditional loan, and the lender advises the company of enrollment in CAP. The program offers loan guarantees on a portfolio of loans through a loan loss reserve, which it establishes at each participating bank. Funds can be used for general working capital and fixed-asset financing. The maximum loan amount is $250,000.
A permit is required for any activity within a Class I or Class II wetland or wetland buffer zone which is not an allowed use. Activity in Class I or Class II wetland or its associated buffer zone is prohibited unless it is an allowed use or authorized by a permit, etc. Applicants have the burden to show that a proposed activity in Class I or Class II wetland or its buffer zone complies with rules and will not have undue adverse effect on protected functions and values.