RD95 - Virginia Coalfield Economic Development Authority 2011 Annual Report


Executive Summary:
I am pleased to report that 2011 was another active year for the Virginia Coalfield Economic Development Authority (VCEDA), particularly on the business development side. During the year, the region saw over a 100% increase in business and site consultant prospect visits, with 56 prospect visits, the highest number on record going back as far as fifteen years. The increase in prospect visits is encouraging, particularly in these difficult economic times.

A key component of business development efforts during the year was the Red Carpet Tour of our region led by Governor Bob McDonnell in September. During this event, over a dozen business executives and site consultants visited the area at the invitation of the Governor, to learn more about the advantages of the region. Lt. Gov. Bill Bolling, who is Virginia’s Chief Job Creation Officer, also was very involved in this event.

The year saw new job announcements by a new wood products company and two existing customer contact centers, two energy related projects, the approval of two new hotel projects, a new aquatics facility project, and plans for a major expansion by an existing manufacturer.

During the year VCEDA maintained an aggressive business development and marketing program to promote the region as a great business location. This included new advertising, attendance at several trade shows and conferences, meetings with site location consultants, a robust targeted lead generation program, and support for existing businesses with an active existing business visitation and retention program.

Complementing the business development efforts, VCEDA had an active year in new approved funding. During 2011, VCEDA approved $9.2 million in new funding in two loans and six grants. This included funding approved for two new nationally branded hotel projects, additional development at two business parks, a new aquatics facility and fiber optic backbone at Breaks Interstate Park, and a major business expansion by an existing employer.

In conclusion, VCEDA remains committed to its core mission of helping to enhance and diversify the economy of the coalfield region of Virginia.

Jonathan Belcher
Executive Director