RD43 - Virginia Tobacco Indemnification and Community Revitalization Commission Annual Report Fiscal Year 2013
The close of fiscal year 2013 marks the Commission’s 14th year of promoting economic growth in the Commonwealth’s most challenging economic region. Thanks to your vision in creating this Commission, our long-term objectives of indemnification and revitalization are steadily becoming a reality. On behalf of the Commission, I am pleased to report our progress to you in this Annual Report.
Tobacco growers and quota owners in Virginia endured unprecedented losses since the Master Settlement Agreement was reached in 1998. The aggregate loss was determined to be $479 million and as of June 2012, the Commission, together with other sources, has indemnified 100% of that loss. This effort alone has made unparalleled improvements in the economy of Virginia’s tobacco region.
The Commission’s efforts to revitalize tobacco communities have taken many forms, as you will see in the pages that follow. In the year ending June 30, 2013, the Commission committed over $100 million to 109 different economic development projects serving 34 counties and 7 cities in Virginia’s tobacco belt.
On behalf of the Commission, I am grateful for your continued support and understanding of our mission and look forward to another year of partnership with you in bringing renewed prosperity to this area of the Commonwealth that we are privileged to serve.
Terry G. Kilgore