[{"_1":2,"_88":-5,"_89":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6392166,"mediaKeyId","2110212-d9c02ac03c0441350476893e35f63b4d","parentId",2110212,"title","VEDP urges steady funding for Business Ready Sites program, highlights ROI and jobs tied to site readiness","audioSeconds",1198,"startMs",1676770,"endMs",2875340,"viewUrl","/Search/View?dp=1&key=2110212-d9c02ac03c0441350476893e35f63b4d&start=1676&end=2875","thumbnailUrl","https://assets.pipeline.soar.com/2110212-d9c02ac03c0441350476893e35f63b4d/thumbnail_1676770.jpg","articleUrl","/articles/6392166/Virginia/VEDP-urges-steady-funding-for-Business-Ready-Sites-program-highlights-ROI-and-jobs-tied-to-site-readiness","mediaUrl","https://secure.pipeline.soar.com/6392166-9af93cab4d356704e5a4c049388092bd/orig.mp4?Expires=1770441080&Signature=ltypOMhB6NEhNr69l7hkdRDkm~CKumjNeccxQtUX77tF7XHFk1ugpakqvH07Hj37gylD1PkVl2RoloVMgIG7gEgvZ332yO2dB8-AZ01NBf-HR9IF7~r~PnByrfVeq7DaqflWVhyAbx3k8~Hqsj-g7CUWT3PqMTH-N6~CcdG5cDylBIAUNXrk3kbyQp2j6Q3ry4G3wUABwAJFHRbbdy5MHiXAg-6ezVea2KDvJ84DZBtHpAVNqxO2HkJaDbQ4o6uk7sFRK0~1uKEwqJS7K~8uoozHHjYz9lCZocxp5nKN5BgCJ4A9uCFaxVPpza86357tx7ATh9eZjX23qdc8UOX0fQ__&Key-Pair-Id=KUT5TJCACFTXG","author","Virginia Legislature","date","2025-01-13T00:00:00Z","article","Jason L. Kuby, president and CEO of the Virginia Economic Development Partnership, told the Economic Development and Natural Resources Subcommittee on 2025-10-12 that state investment in project-ready sites has helped the Commonwealth win capital-intensive projects and high-paying jobs, but that sustained, larger funding is necessary to maintain momentum.

Kuby said Virginia’s recent site-development investments have produced a strong return on investment: “when you look at the money that you guys are investing in VEDP, when you look at incentives, that is producing an average of an 8 to 1 return for the general fund,” he said, citing net present value calculations over a five-year basis. He told the committee that since 2018 the Commonwealth has announced more than 600 projects, more than 100,000 new direct jobs and more than $100 billion in capital investment, and that recent site grants have already attracted nearly $6 billion in committed capital and nearly 10,000 direct jobs.

Kuby described elements of the Virginia Business Ready Sites program: a state grant program that requires local matching funds, an application process that emphasizes market demand and return, and a multi-stage site-development timeline that typically takes four to five years from raw land to market-ready site. He said the governor’s introduced budget proposes adding $50,000,000 in year two and noted the current budget contained $20,000,000 per year; he also said earlier-state advances moved $20,000,000 from year two into year one and that VEDP expects to award roughly $40,000,000 in the near term.

Why it matters: Kuby argued that although only a small share (about 6%) of projects require very large sites (500+ acres), those large-site projects account for more than one-third of jobs and more than two-thirds of capital investment—making big sites strategically important for state economic outcomes.

Kuby said VEDP’s modeling shows that sustained investment—he cited a planning example of roughly $100,000,000 per year—could yield hundreds of thousands of direct jobs and substantial net revenue for the state, after accounting for incentives.

Members asked questions about workforce alignment and data centers. Senator Barbara Favola asked whether site-readiness grants fund workforce or training programs; Kuby said the site-readiness program focuses on site development, not direct training, but noted that site investment is “set you up for your next” workforce investment and that VEDP’s Virginia Talent Accelerator is designed to supply custom recruitment and training for large advanced-manufacturing projects. On data centers, Kuby said there is a robust pipeline of data center proposals, that many are looking outside traditional Northern Virginia locations, and that sites and energy are critical considerations. He said data centers generally have done their own site development but that VEDP will consider data center projects under the program where appropriate.

Kuby emphasized regional collaboration and coordination with agencies such as the Department of Environmental Quality and transportation partners to ensure sites meet environmental, utility and access requirements. He told the committee the program is heavily oversubscribed, with requests five to 15 times the available funds in recent cycles.

Kuby concluded by urging continued consistent annual funding for site development, saying it improves local spending decisions and helps position Virginia to win large projects that generate strong fiscal returns. The committee did not take a formal vote on funding during the briefing.","mediaType","Video","parentTitle","January 13, 2025 - SFAC: Economic Development and Natural Resources - SR 1300 - 4:30 pm","oneSentenceSummary","Jason L. Kuby of the Virginia Economic Development Partnership briefed the subcommittee on the Commonwealth’s Business Ready Sites program, arguing sustained investment is required to keep Virginia competitive, citing past results, an 8-to-1 general fund return, and proposals to scale to $100 million per year to win large projects.","taxTitle","2025 Legislature VA, Virginia","taxId",77687,"location","Virginia","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6392171,"Senate subcommittee hears pitch for $5 million Virginia sports tourism fund, reviews recent major events",1263,186035,1449865,"/Search/View?dp=1&key=2110212-d9c02ac03c0441350476893e35f63b4d&start=186&end=1449","https://assets.pipeline.soar.com/2110212-d9c02ac03c0441350476893e35f63b4d/thumbnail_186035.jpg","/articles/6392171/Virginia/Senate-subcommittee-hears-pitch-for-5-million-Virginia-sports-tourism-fund-reviews-recent-major-events","https://secure.pipeline.soar.com/6392171-16644501d738a79f6df0cea7b9e76556/orig.mp4?Expires=1770441080&Signature=VuzO8lbwyo4JjKEHJNraxIKOQz4JJBYhoEpSWXk89cMvQk0eS1Klwu~tUEdkbcdScEm6L-73IE48~cU9GNSC~WXbabUjN9fMIbBy2oRPcvMTL~elG0ehqfwhgvZYJK6jvU5LDTLwS6HMOLg~Lm~pTaTy7jAiJa8cU7CyTK37xbBr5DzqOTiKW~x3~JO604JtsYlHFRROFXAAwDR3OR3i3Tt4MjRdcYYvfPe5LoA7S2zZLhqKx5tsYoOcn1Ni6WyMR6~BW49ZOXlv1kRWA20BieMtYKuWhPm86dI6rx-nca5qlaBshMDcIQDnRIF3ExzoA-jh-S9hT67XTl~W-upqnA__&Key-Pair-Id=KUT5TJCACFTXG","Rita McClenny, president and CEO of the Virginia Tourism Corporation, told the Economic Development and Natural Resources Subcommittee of the Senate Finance and Appropriations Committee on 2025-10-12 that Senate Bill 927 would create a $5,000,000 Virginia Sports Tourism Incentive Grant Fund to help the Commonwealth compete to attract multi-day sports events.

McClenny said the bill “establishes the Virginia sports tourism incentive grant fund to enhance Virginia’s competitiveness in attracting premier sports tourism activities across the Commonwealth.” She told the panel the fund would build on a $1,000,000 ARPA pilot and is projected to generate about $184,000,000 to $180,000,000 in visitor spending and roughly $3,300,000 in net state tax revenue, depending on event mix and award sizes.

The bill would make destination marketing organizations, sports venues, sports commissions and similar entities eligible to apply; awards would be competitively bid and targeted at multi-day events with a majority of athletes or participants coming from out of state, McClenny said. The VTC plans to verify direct impacts using its standard modeling, including attendee counts and room nights.

Why it matters: McClenny framed the fund as a tool to help localities and private venue investors win events that otherwise would go to competing states. She said sports tourism accounts for about 8% of all visitor spending in Virginia, and that the state ranks in the top 10 nationally for sports-related tourism despite lacking a professional franchise.

Committee members pressed for safeguards and clarity. A senator who identified himself as Senator Searle asked how the program would ensure grants produce incremental new events rather than subsidizing tournaments that already would have occurred in Virginia; McClenny replied the awards would be competitively bid and require a demonstration that the event holder was considering moving the event out of state as part of a competitive bid.

Members also discussed specific events and recent VTC activity. McClenny reviewed the September 2024 Solheim Cup at Robert Trent Jones Golf Club, saying the tournament drew visitors from all 50 states and 15 countries, produced 20.4 to $21.1 million in visitor spending in Virginia, and increased overnight stays by roughly 30–50% in impacted localities. She said tournament operations spent about $4.5 million with Virginia vendors and that 73% of attendees were from out of state.

McClenny credited digital marketing work for driving a 160% growth in online ticket sales for the 50th anniversary programming at the Carter Family Fold, which VTC supported with an $800,000 partnership and targeted advertising to nearby markets. She also described a proposed Major League Baseball “Speedway Classic” exhibition game tied to Bristol Motor Speedway that VTC expects will generate sizeable hotel demand in Virginia despite the speedway itself sitting on the Tennessee side of the state line; VTC is budgeting $500,000 for that initiative and projects the spending will more than offset the grant.

The presentation made clear VTC intends the sports tourism fund to be awarded over multiple years and dispersed to a range of event sizes; McClenny said the agency would not spend the entire $5 million in a single year and expects a two-year disbursement pattern. No formal vote or committee action on SB 927 occurred during the briefing.

McClenny concluded by outlining VTC marketing and partnership programs — including co-op advertising, international partnerships and tourism improvement districts — and said the agency will continue to share data with local partners to track performance.

No formal committee motion or vote took place on SB 927 during the session; members asked follow-up questions and the hearing moved on to other agenda items.","Virginia Tourism Corporation briefed the Senate subcommittee on Senate Bill 927, a proposed $5 million sports tourism incentive fund, and recapped recent events including the Solheim Cup, Carter Family Fold anniversary programming and an MLB Speedway Classic partnership expected to drive hotel stays and restaurant spending in Virginia.","actionData","errors"]

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VEDP urges steady funding for Business Ready Sites program, highlights ROI and jobs tied to site readiness

Senate subcommittee hears pitch for $5 million Virginia sports tourism fund, reviews recent major events