GENERAL ASSEMBLY SESSION UPDATE

June 18, 2020 NOTES VEDP OPERATIONAL INITIATIVES BUDGET Talent Accelerator Program Expansion of the Program Business Expansion of Virginia Initiative International Trade Plan Trade International initiatives in new VA Trade development Program Jobs InvestmentVirginia the of restoration Majority - Ready Sites project program structured ofis a portfolio to build 1). The no. (often projects loses Virginia reasons addresses initiative This one of the most common comment Impact needs forVirginia. projects in new and expansion grant forfunding providing workforce training program,economic development incentive The VJIP program mostVA’s is commonly used 3 top the in ranked be ofevery completed region VA.in Program will industrial sites over 100 contiguous acres. Commonwealth, specifically tothe fill lack of well our economy,diversify and modestly increase export($200MM activity or more annually), international trade plan. Virginia will increase the in Governor’s included initiatives services - (FY21 additional rural/small metro rural/small jobs/year by 2021. additional 1,500 secure with projects years. VA will Expansion of program enables projects to be Proposal envisions Proposal a envisions four - compensated jobs. - FY24) of the VEDP trade development ready sites in every region of the of the region every in sites ready - 5 states the 3 in country within - year implementation year implementation - 2,500 investment ($M) investment FY21 12.5 2.0 0.0 Add’l - FY22 0.0 2.0 4.7 - Allotted Funding status in Biennium Budget Unallotted Unallotted ü ü ü incl. Not ü 2 NOTES OTHER BUDGET ITEMS OF INTEREST In Funding Funding Pool (G3) Back Give Job, a Get Skilled, Get Office of Offshore Wind Offshore of Office Virginia Housing Trust Virginia Fund (HTF) VATI (Broadband) GO Virginia GO Governor's New Airline Service Incentive Fund Incentive Service Airline New Governor's Virginia Innovation Virginia Partnership Authority Tech Talent Investment Program (TTIP) Compensation Initiative - State Undergraduate ModerationTuition Six - Year Plan (Dec. 2020) (Dec. Add’l 3% bonus FY21 investment ($M) investment 54.8 34.5 0.39 23.0 16.0 0.43 25.7 28.8 0.0 (Jun. 2021) (Jun. 3% raise FY22 (4.5) 25.0 34.5 0.39 23.0 16.0 0.83 39.7 23.7 Allotted ü ü ü Funding status in Biennium Budget Unallotted ü ü ü ü ü ü Not incl. 3 NOTES GOVERNOR’S ECONOMIC DEVELOPMENT BILLS AND VEDP BILLS HB935 HB1733/SB1014 HB1361/SB611 HB1498/SB610 Bill Number Bill Willett Rush/Ruff Rush/Hanger Sickles/Hanger Patron reportingrequirements. Economicdevelopment programs; (Morgan ProgramAdvanced ProductionGrant (Volvo) Fund Grant Manufacturing Truck andProgram(Merck) Fund Pharmaceutical ManufacturingGrant Bill Title Bill Olson) Effective 7/1/2020Effective 7/1/2020Effective 7/1/2020Effective 7/1/2020Effective Bill Status Bill 4 NOTES OTHER BILLS THAT PASSED IMPACTING ECONOMIC DEVELOPMENT HB358/SB182 HB582/SB939 HB4/SB36 HB395/SB7 HB785/SB588 HB1017/SB576 Bill Number Bill Lopez/ Guzman/ Knight/Lucas Ward/ Watts/Hanger Sickles/Howell Patron Saslaw Saslaw Saslaw labor agreements labor project authorizationof definitions, contracts; Publicworks bargainingcollectivelocal governments; Employees of gaming casino of regulation Board; Lottery 2021 1, houreffectiveMay$9.50per Minimum wage;increasesto authorities taxing county and city equalizes authority; taxing Local created Authority; Partnership Innovation Virginia of Commonwealth Bill Title Bill 5 NOTES § § § Shared updates on the following current VEDP initiatives: § § § § § § § § Assembly: Stephen and Christy recently had calls with the following members of leadership in the General Virginiastakeholders across Extensive outreach to members of the Virginia General Assembly, Congressional Delegation, and LEGISLATIVE OUTREACH – – – – Post Helping to secure PPE Current project pipeline trends Delegate , Chairman, House Appropriations Committee Delegate , Vice- Senator , Majority Leader Delegate Senator Senator , Minority Leader Senator Dave Marsden Speaker Eileen Filler Workforce Retooling Workforce Teleworking Digital Virginia Onshoring of manufacturing and retooling supply chains - Covid growth opportunities: growth - Corn, Speaker of the House Chair, House Appropriations Committee 6 NOTES EDUCATIONAL OPPORTUNITIES Chairman Luke Torian Delegate Matt Delegate David Reid; Delegate Barry Knight*; Delegate Mark Sickles*; Delegate Roz Tyler; Delegate , Chair; Delegate Ken Plum; Agriculture, and Natural Resources Committee’s Subcommittee on Commerce, ofMembers the House Appropriation Senator George Barker* Dick Saslaw*; Senator *; and Ruff*, Vice Chair; Senator ; Senator Senator Dave Marsden, Chair; Senator Frank Natural Resources Subcommittee on Economic Development and ofMembers the Senate Finance Committee’s 101 Development Economic *Denotes Reappointment *Denotes Fariss ; Delegate Rob Bloxom; Bloxom; Rob ; Delegate MEI Orientation Delegate Luke Speaker Eileen Filler House Members Senator Frank Ruff* Senator Tommy Senator Senator Dick Senator Janet Howell Senate Members Delegate Delegate Nick Rush* Delegate Roz Tyler Delegate Bulova Delegate Sickles Saslaw Torian Norment - Corn * 7 NOTES § § § § § Bills that could impact economic development to be expected next Session: § § Study of a regional minimum wage (SB7/HB395) VEDP to convene a working group regarding data centers Nuclear Energy Strategic Plan (HB1303/SB549) (HB491) Hemp Industrial on Group Working WHAT’S NEXT? Paid sick leave Civil actions; filed on behalf of multiple persons Appropriations to Industrial Development Authorities Expanding collective bargaining Right Due December 1, 2023 the in Commonwealth wage a minimum regional of instituting impact potential Beginning January 1, 2022, DHCD, - to- Work Repeal/Fair Share Fees Share Repeal/Fair Work , and VEC shall conduct a joint review of the feasibility and and feasibility the of review joint a conduct shall VEC VEDP, and 8