the cof aims to secure company location and expansions to the state, combating out of county/state competition.
The Commonwealth’s Development Opportunity Fund (COF) is a “deal-closing” fund to be employed at the Governor’s discretion to secure a company location or expansion in Virginia. Administered by the Virginia Economic Development Partnership (VEDP), the COF serves as a final resource for Virginia in the face of serious competition from other states or countries.
The program offers a cash grant to offset/reimburse qualifying project-related costs such as site acquisition and development, transportation access, utility extension or capacity development, construction or build-out of buildings, or training.
Eligible projects & Costs
- Site acquisition and development
- Road, rail, or other transportation access costs beyond the funding capability of existing programs
- Utility extension or capacity development
- Construction or build-out of buildings
- Grading, drainage, paving, and any other activity required to prepare a site for construction
- Public and private installation, extension, or capacity development of high-speed or broadband internet access, whether on- or off-site
All projects must meet the following eligibility requirements:
- Project must be affiliated with a basic employer, meaning 51% or more of the facility’s revenue must be generated outside the Commonwealth
- Project must be an active and realistic competition between Virginia and another state or country for attracting the project
- Matching local financial participation is required on a dollar-for-dollar basis (cash or in-kind)
- Public announcement of the project must be coordinated by VEDP and the Governor’s Office
- Each project must meet thresholds for capital investment ($1.5M - $5M) and job creation (15-50)
- Certain localities can qualify for funding based on geographic location, which are categorized by Single, Double, and Generally Distressed eligibility thresholds