RD42 - Virginia Tobacco Indemnification and Community Revitalization Commission Annual Report Fiscal Year 2014


Executive Summary:
The close of fiscal year 2014 marks the Commission’s 15th year of promoting economic growth in the Commonwealth’s most challenging economic region. Our long-term objective of revitalization is steadily becoming a reality. On behalf of the Commission, I am pleased to report our progress to you in this Annual Report and hope you will be impressed by our substantial impact described throughout.

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 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, 2014, the Commission committed over $88 million to 118 different economic development projects serving 34 counties and 6 independent cities in Virginia’s tobacco belt.

In 2014, more than 2,000 new jobs and $770 million of investment in taxable assets in the tobacco region were committed by new and existing companies. More than 3,300 students residing in the tobacco region received higher education financial aid and more than 2,900 residents were anticipated to have increased access to healthcare.

On behalf of the Commission, I am grateful for your continued support of our mission and look forward to another year of partnership with you in bringing renewed prosperity to thousands of households in this area of the Commonwealth that we are privileged to serve.

Sincerely,

/s/ Terry G. Kilgore
Chairman