RD33 - Annual Executive Summary of Interim Activity of the Tobacco Indemnification and Community Revitalization Commission - FY11: 07/01/11 - 01/10/12


    Executive Summary:
    Life to Date: 1,475 grants approved and $834 million obligated
    FY12 to Date: 154 grants approved and $142.5 million obligated

    New Publication Links:

    FY11 Annual Report:
    http://www.tic.virginia.gov/pdfs/Annual%20Reports/2011%20Annual%20Report%20VAtobacco_final_web.pdf

    Meeting Summary

    Two Commission Meetings:

    9/29/11 in Abingdon, VA
    1/10/12 in Richmond, VA
    (next meeting 5/24/12, location tbd)

    Three Executive Committee Meetings:

    9/28/11 in Abingdon, VA – TROF review, default appeals review and final indemnification pmts.
    12/14/11 in Roanoke, VA – strategic planning, utility infrastructure financing, access to healthcare and Commission Bylaws
    1/9/12 in Richmond, VA – TROF update, TROF appeals and budget amendments

    Four Research and Development Committee Meetings:

    9/22/11 in Roanoke, VA – program review, referred applications, study group reporting and new grant requests: two recommended for $5,079,222.
    9/29/11 in Roanoke, VA – program review and process improvement
    12/14/11 in Roanoke, VA – changes to policy and process
    1/10/12 in Richmond, VA – scoring results, application summaries and grant review process: five recommended for $11,680,886.

    Two Special Projects Committee Meetings:

    9/15/11 in Roanoke, VA – review of 21 grant proposals: 12 recommended for $15,641,932; one tabled; one withdrawn; three referred to other Committees; four declined.
    1/10/12 in Richmond, VA – review of 8 grant proposals; one Special Project recommended for $250,000; seven Megasites recommended for $28,143,497.

    Two Education Committee Meetings:

    9/22/11 in Roanoke, VA – Southside, VA loan forgiveness, review of 42 grant proposals: 33 recommended for $14,033,692; two tabled; seven declined.
    12/6/11 in Roanoke, VA – scholarship program guidelines

    Two Southside Economic Development Committee Meetings:

    9/22/11 in Roanoke, VA - review of four grant proposals: four recommended for $4,132,353.
    12/6/11 in Roanoke, VA - review of 14 grant proposals: 11 recommended for $7,864,628; one tabled; two declined.

    One Southwest Economic Development Committee Meeting:

    9/15/11 in Roanoke, VA – review of 23 grant proposals: 12 recommended for $10,045,851; seven tabled; four declined.

    One Agribusiness Committee Meeting:

    12/6/11 in Roanoke, VA – review of 20 grant proposals: six recommended for $2,947,011; one tabled, 13 declined.

    Other Meetings:

    8/17/11 TIC Policy Review Committee (JLARC) – Danville, VA
    9/1/11 R&D Study Group – Richmond, VA

    Reserve Fund Summary:

    - Est. in 2009
    - Provided match to attract non-Commission funds
    - Must prove matching funds to receive award
    - Closed Program 10/28/10
    - Program received 105 applications
    - To date 53 grants awarded for a total of $39 million

    Tobacco Region Opportunity Fund Summary:

    - 19 TROF’s closed:
    Total amount awarded for all 19: $4,142,798
    2510 total jobs and $105,632,570 capital investment promised
    10 grants defaulted
    - $510,494 in TROF clawbacks collected

    - FY12 approvals to date: 16 projects totaling $8,961,874