State Incentives

Governor’s Opportunity Fund

The Governor’s Opportunity Fund (GOF) is designed as a “deal closing” fund to be employed at the Governor’s discretion when necessary to secure a company location or expansion in Virginia. The GOF serves as a final resource for Virginia in the face of serious competition from other states or countries. The GOF grant is a negotiated amount determined by the Secretary of Commerce and Trade, based on the recommendation of VEDP and subject to the approval of the Governor. A GOF grant is awarded to the Virginia locality (county, city, town or Industrial/Economic Development Authority) for the benefit of the company, with the expectation that the grant will result in a favorable decision for the Commonwealth.

Grants are made at a locality’s request for a project under the following conditions: 

• Project capital investment, job creation and wage minimums are achieved 
• The locality participates with a matching financial commitment 
• The project is not an intrastate relocation 
• A performance agreement is executed between the locality and the company to ensure fulfillment of promised job creation and capital investment
• Public announcement of the project is coordinated by the Virginia Economic Development Partnership (VEDP)
  and the Governor’s Office

Monies may be used for such things as public and private utility extension or capacity development on- and off-site; public and private installation, extension, or capacity development of high-speed or broadband internet access whether on- or off-site; road, rail or other transportation access costs beyond the funding capability of existing programs; site acquisition; grading, drainage, paving and any other activity required to prepare a site for construction; construction or build-out of publicly owned buildings; training; or grants or loans to an Industrial Development Authority, Housing and
Redevelopment Authority or other political subdivision for purposes directly relating to any of the foregoing.

Once a company decides on one potential Virginia location, the locality works with the VEDP within the guidelines of this program to seek the funds necessary to apply toward the project. The success of the GOF application is based on the project’s eligibility and the locality’s financial support for the project, as well as the actual project requirements and availability of funds. As with all Virginia incentives, the Commonwealth’s investment must make good fiscal sense
for both sides, and must carry a suitable return for Virginia, based on a return on investment computed for every project.

For additional information, please contact:

Virginia Economic Development Partnership
Post Office Box 798
Richmond, Virginia 23218-0798
(804) 545-5610
https://www.vedp.org/