RD49 - Annual Executive Summary and Report of the Tobacco Indemnification and Community Revitalization Board
Executive Summary: I. Background – The Commission is the designated recipient of one-half of the Commonwealth’s share of the National Tobacco Settlement revenue, and has been charged by the General Assembly to use this resource to (1) compensate tobacco farmers for the decline of tobacco quota, and (2) stimulate economic growth in tobacco-dependent communities. This is a summary of the Commission’s efforts to fulfill this charge. II. Compensation to Farmers – In the spring of 2006, the Commission issued its seventh consecutive annual payment to Virginia tobacco growers and quota holders. Approximately 47,038 payments were made totaling $13,147,881, bringing the total amount paid since the Commission was formed to approximately $149,810,000. The Commission has a remaining liability to these growers and quota holders of approximately $80,800,000 and has already made provisions in its current budget to issue the eighth annual installment in 2007. III. Stimulation of Economic Growth – The Commission has approached this part of its mission by identifying four primary areas of economic need within the tobacco- dependent region. The four areas are (1) Technology, (2) Education (3) Innovation, and (4) Regional Economic Development. In each area, the Commission has sought a “grass-roots” approach to determining the most acute need, and has assigned responsibility to a committee to recommend to the Commission the highest and best use of resources in each area. A brief report in each area follows: Technology – The Commission awarded grants totaling $43.2 million to 10 entities engaged in the installation and utilization of high-speed fiber networks in Southside and Southwest Virginia. Broadband deployment is the Commission’s largest single economic development effort, with aggregate grants to date totaling over $62 million among approximately twelve entities. Education - The Commission awarded grants totaling $10.4 million to nine entities, including $2.8 million to seven community colleges that serve the tobacco region for programs, facilities and scholarships and $7.6 million to fund scholarship programs for baccalaureate and graduate degrees. Innovation - The Commission awarded grants totaling $22.6 million to fund approximately 80 projects in agriculture, business development, research, and job incentives across the 34-county region served by the Commission. Economic Development – The Commission awarded grants totaling $13.7 million for over 70 projects to improve industrial sites, training facilities, water and sewer infrastructure, and tourism venues all designed to expand and diversify the economic base and create employment opportunities in the tobacco region. |
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