AGENDA DATE: June 3, 2015
TITLE:
Title
AFID Grants to Kelly Turkeys and 20 Paces
BODY
SUBJECT/PROPOSAL/REQUEST: Approve Economic Opportunity Fund allocation and authorize County Executive to sign performance agreements
ITEM TYPE: Consent Agenda Action Item
STAFF CONTACT(S): Foley, Catlin, McClintic, Stimart, Davis, Kamptner
PRESENTER (S): Ms. McClintic
LEGAL REVIEW: Yes
REVIEWED BY: Thomas C. Foley
BACKGROUND: During the 2012 General Assembly session, legislation was adopted to establish the Governor's Agriculture and Forestry Industries Development Fund (AFID) to promote new economic opportunities specifically for agriculture and forestry value-added or processing projects. AFID grants are made at the discretion of the Governor with the expectation that grants awarded to a political subdivision will result in a new or expanded processing/value-added facility for Virginia grown agricultural or forestal products. The amount of an AFID grant and the terms under which it is given are determined by the Secretary of Agriculture and Forestry and approved by the Governor. An AFID grant is awarded to a political subdivision for the benefit of the business, with the expectation that the grant will be critical to the success of the project.
Grants are made upon an application by both the locality and the business beneficiary for a project under the following conditions:
* The business beneficiary is a facility that produces "Value-added agricultural or forestal products"
* A minimum of 30% of the agricultural or forestry products to which the facility is adding value are produced within the Commonwealth of Virginia on an annual basis in normal production years
* The grant request does not exceed $250,000 or 25% of qualified capital expenditures (whichever is less)
* The applicant provides a dollar-for-dollar matching financial commitment (cash or qualified in-kind)
* A performance agreement is executed between the applicant ...
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