Tobacco Region Opportunity Fund

Virginia Tobacco Region Revitilization Commission

Summary:

The purpose of the TROF program is to help make localities in the Tobacco Region more attractive to potential business expansion or attraction projects. It accomplishes this goal by providing performance-based monetary grants and loans to localities for the purposes of supporting specific projects. TROF grants and loans up to the lesser of either the amount requested by the applicant or the amount calculated by the incentive estimator (or 150% of that amount if a TROF loan), can be approved by the Executive Director for awards up to $1 million.
-The Committee must approve all TROF grant or loan awards greater than $1 million and up to $3 million.
-The Full Commission must approve all TROF grant or loan awards over $3 million."

Projects must provide an average weighted annual salary above the locality’s prevailing average wage (not including benefits). Projects must be in a traded economic sector (i.e., projects bringing in outside capital and jobs). Utilizing the project parameters, the TROF incentive estimator shall provide for an award of at least $10,000 (for a grant or a loan). New projects must be competitive. Expansion projects must demonstrate verifiable competition.

Eligible Recipients:

Local Government

Eligible Recipients Detail:

The Commission accepts TROF applications from localities and other local or regional political subdivisions within the Tobacco Region. TROF performance agreements are three-party agreements typically among the eligible applicant, its industrial or economic development authority (IDA/EDA), the Company and the Commission.

Eligible Purpose:

Last Mile Connectivity; General Infrastructure (Attached to Job Creation); Broadband-Related Industry

Eligible Purpose Detail:

Projects are evaluated based on job creation, workforce participation rate, community affluence, prevailing community wage, and newly-created taxable assets.

Funding Match/Terms:

Projects are required to have matching funds from external sources.