Ferguson Enterprises Inc. is expanding its footprint in Newport News. The $82.8 million project will include construction of a seven-story headquarters building at City Center at Oyster Point, a mixed-use development approximately 4 miles from the company's current Newport News headquarters. The expansion is expected to create 434 jobs and retain 891 positions and is eligible for $4.1 million in state incentives along with $11.5 million in local incentives.

As solar energy becomes more widespread and less expensive, farmers are tapping into the technology to not only bring energy costs down but bring energy to areas where it didn't previously exist. On a statewide level, Virginia Farm Bureau policy, as outlined in the organization's policy book, encourages "the continuing development of alternative, cost-effective energy supplies" and supports "incentives for farmers to install and use more alternative energy systems for farm use," although another item declares, "We do not support tax incentives for solar energy."

The Virginia College Building Authority is issuing educational facilities revenue bonds in the amount of $599 million the week of July 17, 2017. These Virginia revenue bonds consist of two series; Series 2017C are $498 million in tax-exempt revenue bonds, while Series 2017D are $101 million in federally-taxable revenue bonds. The purpose of both series is to finance certain capital projects at public institutions of higher education in the Commonwealth.

The Lake Anne Village Center Historic District has been named to the National Register of Historic Places. This development ensures that property owners within the district may also quality for Federal or Virginia Rehabilitation Tax Credits through the Virginia Department of Historic Resources.

In 2010, Minnesota realized that high-speed connections are as essential to the new economy as high-speed transportation links are. More importantly, it decided to do something about it. That year, the state enacted a remarkable law that set specific goals to be achieved by 2015.

While Virginia has a number of large-scale road projects in the works, commuters should not expect many more massive projects to move forward any time soon, the state's transportation secretary said recently. President Trump's administration has proposed a $90 billion cut from the federal highway trust fund over the next 10 years which will force Virginia to find other ways to finance projects.

Arlington Presbyterian Church's congregation, troubled by the lack of affordable housing in the area, recently sold their sanctuary in order to allow it to become affordable housing and a park. Federal tax credits were used along with other financing in order to make this $71 million project happen.

Join the CDFA Virginia Financing Roundtable, in partnership with VEDA, for a special one-day conference hosted at the offices of McGuireWoods LLP. This event will feature a number of economic development finance experts from around the state discussing development finance tools, authorities, resources and approaches, and how these can affect the Virginia economy going forward.

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