We have the expertise and relationships to connect new and expanding businesses with a wide variety of resources, including local. VEDP Update. Any assessed value in excess of $5,000,000 would be fully taxable but could leverage an REIG. A BILL to amend and reenact §31-15-5 and §31-15-6 of the Code of West Virginia, 1931, as amended, all relating generally to the authority of the West Virginia Economic Development Authority to enter into certain contracts and agreements; providing that board may direct the executive director to enter into those contracts,. A recording of the meeting will be posted on the Economic Development website (& YouTube) post-meeting. Southside Development Enterprises, LLC. Facebook. 1 BILLION IN OUTPUT SALES; • $63. Portsmouth Economic Development | 1,112 followers on LinkedIn. m. Economic Development Existing Conditions Report, June 2014. A Top State for Business. Portsmouth Economic Development is your company’s liaison to access all our Smart City has to offer. Another vital asset is its relationship with the state’s economic development agency, the Virginia Economic Development Partnership. Dean A. Agendas & Minutes. The EDA is comprised of seven (7) City Council-appointed Commissioners serving staggered four (4) year terms. Economic Development. 8804. Phone: 757-393-8804. Administer state-level incentive programs. Portsmouth, and the city of Newport in. Portsmouth, VA 23704. Virginia Beach Economic Development Ste 1000, 222 Central Park Ave, Virginia Beach, VA - 34. Codified at Chapter 67. For additional details about these programs, please contact Economic Development Staff at 757. 2-533 of the Code of the City of Portsmouth, Virginia to construct and operate a full service hotel at 3630 Victory Boulevard (Tax Parcel 0524-0121), beingEconomic Development . 8804. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA, that an Authority is hereby created under the provisions of the Virginia Wireless Service Authorities Act, the Articles ofPortsmouth @ Work - Workforce Development & Training Business Directory Property Search About Us About Us Page; Staff Partners Economic Development Authority Portsmouth Port & Industrial Commission News &. Aimee Tracy. COMMISSIONERS PRESENT: ALSO PRESENT: Dean A. Jul 2018 - Jan 2022 3 years 7 months. Region 5: Counties of Gloucester, Isle of Wight, James City, Poquoson, Southampton and York, the cities of Chesapeake, Franklin, Hampton, Newport News, Norfolk, Portsmouth, Williamsburg, and Virginia Beach. m. Friday, September 24 Public Policy Update. The Economic Development Authority (EDA) of the City of Portsmouth is a political subdivision of the Commonwealth of Virginia created by City Council in 1968. The Procurement Office is part of the Joint Administrative Services department. “We’re doing everything we can here in West Virginia to. That Economic Development Authority of the City of Portsmouth, Virginia (or its successors in interest to the property) is hereby granted a use permit pursuant to Section. Phone: (757)391-3046 | Fax: (757)397-4158. Wright. aspx. Portsmouth City Hall Contact Us 801 Crawford Street Portsmouth, VA 23704 Phone: 757-393-8000 Software Development Company to Expand in Virginia. Our Specialization. Economic Development Authority Meeting September 19, 2023 Portsmouth Virginia. New Port Community Development Authority 12 - 9 Fiscal Year 2014 12 - 1 Community and Economic Development. 2-6200 through 15. aspx. Personal Property. 5 million and create 134 new jobs to expand. Treasury. Date: February 21, 2023. of berth. The EDC's function is to develop economic development policies, goals and objectives as an advisory commission to the. This funding will support 14 projects focused on economic diversification, workforce development, talent pipelines, economic resiliency, and. The one-time Circuit City building at 110 S. m. A BILL to amend and reenact §31-15-6 of the Code of West Virginia, 1931, as amended, relating to authorizing and permitting the Economic Development Authority to make working capital loans from a revolving loan fund capitalized with federal grant funds including those federal grant funds received from the United States Economic Development. The Chairman called the meeting to order at 8:02 a. Portsmouth, VA 23701 Site Contact: Portsmouth Economic Development | 757. Northam FOR IMMEDIATE RELEASE · October 25, 2021 Office of the Governor Alena. Mayor’s Blue-Ribbon Committee – Governed by Council Motions , renewed (or sunset) by every new Council. O. Talent Pathways Planning Initiative Application | $250,000. History of Portsmouth . 393. The EDA is comprised of seven (7) City Council-appointed Commissioners serving staggered four (4) year terms. May 30, 2017 . $5. Portsmouth @ Work - Workforce Development & Training Business Directory Property Search About Us About Us Page; Staff Partners Economic Development Authority Portsmouth Port & Industrial Commission News &. "The resilience, generosity, and commitment of these volunteers exemplify the best of Virginia,” said Gov. We are an Equal Housing Opportunity Provider. The team at Portsmouth Economic Development has a simple goal: to support our business community in starting, growing, and locating their businesses. Jim Justice says he will call a special session of the Legislature to fix errors in a bill intended to create a loan fund with the West Virginia Economic Development Authority. 7 BILLION IN STATE AND LOCAL TAXES AND FEES. We believe that. The EDA is comprised of seven (7) City Council-appointed Commissioners serving staggered four (4) year terms. Industrial Site Development for Economic Developers Presentation. Join us on Monday, October 9, at 10:30 am to celebrate this exciting addition to the downtown community with a ribbon-cutting ceremony. 1,562 followers. - 5 p. Portsmouth Economic Development, Portsmouth, Virginia. Portsmouth Economic Development is your company’s liaison to access all our Smart City has to offer – infrastructure, accessibility, workforce and planning. As a small business-focused agency of local City government, Portsmouth Economic Development. Dive into the Economic Development Authority Meeting held on October 17, 2023, in Portsmouth, Virginia. - 5 p. Agendas & Minutes. Te Port of Virginia Incentives EPORT GIDE Port of Virginia Economic and Infrastructure Development (POV) Grant A business entity that meets all four criteria listed below may be eligible for a cash grant from the POV Grant per Section 62. Port of Virginia Economic and Infrastructure Development Grant (POV Grant) A business entity that meets all four criteria listed below may be eligible for a cash grant from the POV Grant per Section 62. Hampton Roads. Developed by Woda Cooper Cos. Data Center. As a result, a new affiliate was formed. Email or phone:. m. As Dominion Energy’s more than $8 billion effort to build 180 wind turbines anywhere from 27 to 42 miles off the Virginia Beach coast ramp up, the Port of Virginia’s 287-acre Portsmouth Marine Terminal will be a potential catalyst for economic growth and could generate its own renewable energy of manufacturing and economic activity. 8804 FOR IMMEDIATE RELEASE: May 26, 2020 . of Commissioners. - 5 p. Terry El-Nakeeb Dec 1st, 2022. External Links. The City of Portsmouth offers a modernized historical downtown full of walkable businesses, as well as cultural and recreational entertainment options. Portsmouth City Hall Contact Us 801 Crawford Street Portsmouth, VA 23704 Phone: 757-393-8000 Monday-Friday 8 a. Agendas & Minutes. Virginia International Gateway (VIG) is a privately owned marine container terminal located along the Elizabeth River in Portsmouth, Virginia. Connected to larger 127-mile regional fiber ring, this 5-year project boosts 200 gigabits per second and opens multiple new investment opportunities for internet-based companies and data centers. He is responsible for the broad programmatic areas of business and relationship development, infrastructure development, strategic marketing, economic development, finance, security and safety. The Portsmouth Economic Development Authority approved development agreement on Tuesday, May 19th, 2020 in. For new. One consideration in your site selection process is financial incentives, and Loudoun Economic Development is committed to working with you to find local, state and federal funding opportunities that help close the deal. 5. Generate wealth for the City of Norfolk through business expansion, enhancement, and new business development. read more. Bureau of Community Development. The Hampton Roads Workforce Council (HRWC) will develop the Region 5 Talent. Date: June 27,. Directions Physical Address: View Map. AUTHORITY . Pg. Economic Development Authority Meeting . More information about the GO Virginia program can be found here. Suffolk grew by 2. Dive into the Economic Development Authority Meeting held on October 17, 2023, in Portsmouth, Virginia. Time: 9:00 AM - 11:00 AM. com 757. Economic Development Authority Meeting August 16, 2022 Portsmouth Virginia. The local musical ensemble recently. The EDA is comprised of seven (7) City Council-appointed Commissioners serving staggered four (4). Personal Property Tax. Natural. Popular Searches Portsmouth Economic Development Portsmouth Economic Development. The Commission’s primary responsibility is to make recommendations to the City Council on matters related to comprehensive and current planning and land use development. The EDA is comprised of seven (7) City Council-appointed Commissioners serving staggered four (4). Portsmouth, Virginia Event Landing Page: Monday October 23, 2023 12:30 pm – 2:00 pm:. Economic Development Authority of the City of Portsmouth . 393. Loans The Department of Development manages several low-interest business loan programs. Phone: 757-393-8836. Portsmouth City Hall Contact Us 801 Crawford Street Portsmouth, VA 23704 Phone: 757-393-8000 Monday-Friday 8 a. OUR MISSION: The mission of the Economic Development Authority (EDA) is to create jobs, maximize the utilization of Norfolk’s real estate, foster business capital investment, increase revenue by. The Chairman called the meeting to order at 8:02 a. 600 E Main St #300 Richmond, VA 23219. Season Roberts of Virginia Beach, Managing Partner, Charrette Agency . gov Virginia Economic Development Partnership Suzanne Clark [email protected] Economic Development | 1,135 followers on LinkedIn. Indicate "application" on the envelope. • City Council Briefing • Broadband Authority • August 26, 2019 Chapter 15, Title 56, Article 5. Portsmouth Economic Development is your company’s liaison to access all our Smart City has to offer. Hinds gave a brief overview of the Virginia Industrial Development Authorities Institute. m. Hampton Roads — officially referred to as the Virginia Beach-Norfolk-Newport News Metropolitan Statistical Area (MSA) — is located in southeastern Virginia, approximately 200 miles south of. Portsmouth Economic Development is your company’s liaison to access all our Smart City has to offer. VEDP works to accomplish these objectives. Portsmouth, Virginia 2021 | For the FisCAl YeAr ended June 30, 2021 21 Annual Financial Report (FNL-REV II). com 757. The Fund shall be established on the books of the. Virginia - Department of Economic Development. aspx. Ste 200, 200 High St, Portsmouth, VA - 30. Portsmouth, Virginia. Coalfields Expressway Authority, Virginia. (a) The city treasurer is authorized to issue a rebate of the fees and in the amounts set out in section 9. — The West Virginia Economic Development Authority Board of Directors approved more than $6 million in loans to four businesses at its August meeting on Thursday. Encourage exports of Virginia’s products and services. Portsmouth, VA 23704 Phone: 757-393-8000 Monday-Friday 8 a. Since 1982, the Virginia Economic Developers Association (VEDA) has been increasing the effectiveness of those who practice economic, industrial, and community development in Virginia. The Portsmouth Economic Development Authority (EDA) will be meeting virtually on Tuesday, April 20th, 2021 to discuss business vital to ongoing operations of the City in compliance with the Governor's orders. The West Virginia Economic Development Authority (WVEDA) was formed in 1962 as a public corporation and government instrumentality under Chapter 31, Article 15, of the West Virginia Code (the Act). driver. “Obviously from the economic development. Software Development Company to Expand in Virginia. Portsmouth, Virginia. The Portsmouth Economic Development Authority (EDA) will be meeting virtually on Tuesday, Nov. The Economic Development Authority (EDA) of the City of Portsmouth is a political subdivision of the Commonwealth of Virginia created by City Council in 1968. In 2015 we designated Strategic Growth Areas (SGAs) to identify sections of the City where economic development op-portunities and potential for. In July 2010, the Virginia Port Authority (VPA) and APM Terminals entered into a 20-year lease agreement. Official Forms. , IAMREADI LLC and Nolani’s. 062. The Chairman called the meeting to order at 8:02 a. 6th Floor Conference Room, City Hall 801 Crawford Street, Portsmouth, VA . Lexington Place Development; Available Properties; Homeownership; Deeds and Releases; HCV/S8. RSVP Comments: N/A. headquarters or a local startup growing your practice, Chesapeake has something for everyone. 08. The city’s Economic Development Authority might find itself in the midst of a legal controversy now that it has voted to buy back land for a. A strategic plan highlighting action items from that plan was presented in March 2010. Address: 1746 South Street, Portsmouth, VA 23704. C. Agendas & Minutes. Ranked as America’s No. 2 Top State for Business by CNBC, Virginia offers an excellent environment for business success. Economic Development Authority of the City of Portsmouth . Port of Virginia Economic Development Grant Program and Fund. In 2015 we designated Strategic Growth Areas (SGAs) to identify sections of the City where economic development op-portunities and potential for. If you need direct Port access, proximity to the highway or railway, or need to be close to a training. Players keep their winnings;. WINDOWS OF OPPORTUNITY GRANT . Board & Commissions. For at least a decade, Suffolk has been closing in on Portsmouth in terms of population. PORTSMOUTH. m. The Portsmouth Economic Development Authority approved development agreement on Tuesday, May 19th, 2020 in. Board & Commissions. 9, 2022) — The City of Virginia Beach Development Authority released its fiscal year 2021-2022 Annual Report, highlighting the results of their business attraction and retention activities, new initiatives, and accomplishments for the 12-month period starting July 1, 2021. Any assessed value in excess of $5,000,000 would be fully taxable but could leverage an REIG. Broadband Loan Insurance Program; requirements. youtube. Council Subcommittee – Governed by Council Motions . PORTSMOUTHVA economic development Smart Start Business Guide Portsmouth Economic Development 200 High Street, Suite 200 Portsmouth, VA 23704 757. Hoskins is currently Director of Economic Development for Arlington County, Virginia, where he helped lead the successful regional effort to bring Amazon’s HQ2 to. Do Not Show Again Close. Date: May 17,. Coal Train Heritage Authority, Virginia. The Port of Virginia’s mission is to deliver opportunity by. Portsmouth @ Work - Workforce Development & Training Business Directory Property Search About Us About Us Page; Staff Partners Economic Development Authority Portsmouth Port & Industrial Commission News & Press Media Library Event Calendar Contact Us Portsmouth Economic Development is your business's resource for starting, locating, and growing in the City of Portsmouth. For. VEDP is the state development arm created by the General Assembly to encourage, stimulate, and support the development and expansion of the Commonwealth's economy. Steven C. Top. With nearly three decades of experience in the econom-ic development field, two of which were spent in Portsmouth, you can rest assured I have hit the ground running. Encourage exports of Virginia’s products and services. 3. New Port Community Development Authority 12 - 9 Fiscal Year 2014 12 - 1 Community and Economic Development. The Department of Development staffs the Economic/ Industrial Development Authority of the City of Newport News, Virginia. Aimee Tracy joined the Portsmouth Economic Development team in August 2022 as a Business Development Specialist. For new. (i) The dimensional standards applicable in each development area of the entertainment overlay district shall be as required by the dimensional standards of Sec. Chesterfield County Toll Road Authority. CDBG Photo Gallery. Economic Development Authority Portsmouth Port & Industrial Commission News & Press Media Library. Portsmouth @ Work - Workforce Development & Training Business Directory Property Search About Us About Us Page; Staff Partners Economic Development Authority Portsmouth Port & Industrial Commission News & Press Media Library Event Calendar Contact UsPortsmouth’s tax structure favors new and expanding businesses. Created in 1995, VEDP collaborates with local, regional, and state partners to encourage the expansion and diversification of Virginia’s economy. DOMA Technologies to invest $3. org. That laid the foundation for the expansion of the Trimodal Terminal property at Ohio River Mile 70. 4 BILLION IN VIRGINIA GROSS STATE PRODUCT; • $27. Time: 9:00 AM - 11:00 AM. 3:2 of the Code of Virginia, subject to appropriation, until June 30, 2025:services in the City of Portsmouth, and further economic development, education, and quality of life for its citizens. Providing legal counsel to the Portsmouth Economic Development Authority and the Portsmouth Port and Industrial Commission;. About. In 2021, Portsmouth, VA had a population of 97. Economic Development Authority /Calendar. Economic Development Authority of the City of Portsmouth . The State of West Virginia will commit $75 million toward the half-billion-dollar project, a resolution that was on the agenda this morning for the West Virginia Economic Development Authority’s. . Press Release. m. House Bill 2202. Portsmouth Economic Development Government Administration Portsmouth, VA 1,131 followers Portsmouth Economic Development is your company’s liaison to access all our Smart City has to offer. Day 1 Live Stream Recording via youtube. The Portsmouth Business Directory is a listing of many of the businesses in the city to help you connect locally. 00 per $100 assessed value. Economic Development Authority Portsmouth Port & Industrial Commission News & Press Media Library. Brian has 19 years of experience in economic development, community development and real estate across the Commonwealth of Virginia. Welcome & Call to Order (Thomasson) 2. * Downtown Portsmouth Economic Development Plan – The goal of the plan is to have a guiding framework for economic growth, business attraction, tourism, and multi-family residential development in Downtown Portsmouth. Clarke County, Virginia, is an Equal Opportunity Employer and does not discriminate against employees or applicants for. The Economic Development Authority is immensely proud to support their investment in the City of Lynchburg. It can provide a depth of financial expertise to companies seeking to relocate or expand to Newport News. S. Inc. Lexington Place I, constructed in. Economic Development Agency, Government Economic Program, State Government Office. Governor Glenn Youngkin announced today that Lyon Shipyard, Inc. Economic Development Authority of the City of Portsmouth January 17, 2017 6 th Floor Conference Room, City Hall 801 Crawford Street, Portsmouth, VA The Chairman called the meeting to order at 8:05 a. 4 BILLION IN VIRGINIA GROSS STATE PRODUCT; • $27. 2-6000 et seq. The purpose is to enhance procurement opportunities for SWaM businesses participating in state-funded projects. Email or phone: Password:. Staff. Economic Development Authority Meeting November 14, 2023 Portsmouth Virginia. Germanna Community College is a public, open access institution of higher education in the Virginia Community College System. 17, 2023) – The Virginia Beach Development Authority (VBDA) has appro…. The Port is a large partner of the City’s and helps to drive the maritime & logistics industry forward through continual advancement and investment. The Virginia Economic Development Partnership (VEDP) is the state economic development authority for the Commonwealth of Virginia. W. Throughout her career, she has demonstrated an ability to connect with residents in a way that encourages them to achieve or exceed their professional development goals. (Nov. - 5 p. com 757. The Economic Development team is committed to supporting and building a diverse, innovative, and talent-focused economy that enhances the quality of life for both Portsmouth residents and visitors, across all socioeconomic levels. Personal Property Tax – Boats. 393. . For new. Speaker Bios. Let's Get Social, Portsmouth!. He directs and manages the operations of Virginia’s marine. Economic Development Authority Portsmouth Port & Industrial Commission News & Press Media Library Event Calendar. Chesterfield County Toll Road Authority. The Portsmouth Economic Development Department’s 2021 Annual Report (highlighting 2020 business. Economic Development Authority Meeting December 20, 2022 Portsmouth Virginia. Day to day operations are managed by Warren County Director of Economic Development, Joe Petty, and can be reached at 540-252-0050 email [email protected] Economic Development is your business's resource for starting, locating, and growing in the City of Portsmouth. Portsmouth Economic Development has a simple goal: to support the Portsmouth business community in starting, growing, and locating their businesses. 2 days ago · Onshore, the Virginia Port Authority has put more than $220 million toward the Portsmouth Marine Terminal to develop areas where large wind components like turbines and monopile foundations can be. Amentum has more than 44,000 employees in 85 countries on all seven continents, including locations across Virginia in Alexandria, Arlington, Chantilly, Dahlgren, Falls Church, Fredericksburg, and Norfolk. (Nov. Dean A. m. Date: February 15,. 30 per $100 of assessed value. WEBSITE. You were leaving the urban vibrant that is downtown Portsmouth and we're trying to extend that farther - all the way to the MLK Expressway," said Carl Jackson, the manger of transportation planning for the city. Employment Opportunities. Economic Development Authority Portsmouth Port & Industrial Commission News & Press Media Library. Box 820, Portsmouth, Virginia 23705. Our SmartStart Business Guide is intended to distill the key information you need when starting a business and provide you with a roadmap to the different city services you'll need. Investors can make investments in low-income census tracts [IRC Section 45D (e)] as designated by the U. February 24, 2023 Enviably situated on the banks of the Elizabeth River in the Hampton Roads area of Virginia, the City of Portsmouth is a thriving place with something to offer everyone with a robust lineup of economic development projects in the pipeline as we welcome in a new calendar year. August 16, 2022. WVEDA is administered by a nine member Board of Directors comprised of the Governor, Tax Commissioner and seven at-large. Applicant has 120 days to complete approved work. Let's Get Social, Portsmouth!. The Portsmouth Economic Development Authority (EDA) will be meeting virtually on Tuesday, April 20th, 2021 to discuss business vital to ongoing operations of the City in. Economic Development Authority Meeting August 15, 2023 Portsmouth Virginia EDA. Portsmouth, VA 1,131 followers. VA 23510 Phone: 757-664-6510 Get. Helpful Links. Economic Development Authority Historic Preservation Commission History Commission Law Library Board Library BoardThe Economic Development Authority (EDA) of the City of Portsmouth is a political subdivision of the Commonwealth of Virginia created by City Council in 1968. Board & Commissions. Portsmouth 5-year Development Activity. PORTSMOUTH, Va. CHARLESTON, W. HAMPTON ROADS SANITATION DISTRICT COMMISSION . Assessing Housing and Redevelopment Strategies, Portsmouth, VA 2 on economic revitalization of the City’s downtown core; housing strategy recommendations were provided only as they affected the economic revitalization of the core. Stephen A. Dean A. We believe that a diverse business landscape along with a variety of sustainable employment options is a direct way we can impact the quality of life for Portsmouth residents. PORTSMOUTH. 2022 Top States Workforce Development Programs. The entire Portsmouth Economic Development team is ready to support your business's success. The Department of Economic Development focuses on three (3) economic development principles: business attraction, business retention, and business expansion. youtube. Small Business Administration (SBA) and provides both Federal prime contract and subcontract benefits to HUBZone certified businesses. Brian has 19 years of experience in economic development, community development and real estate across the Commonwealth of Virginia. "I started working in Portsmouth in 2018 and I noticed as soon as you crossed Effingham on High Street, it felt like the magic ended. Section 3 is a provision of the Housing and Urban Development (HUD) Act of 1968 as amended by Section 915 of the Housing and Community Development Act of 1992 that promotes local economic development, neighborhood economic improvement, and individual self-sufficiency. 757-393-8651: Portsmouth Redevelopment and Housing Authority: 757-399-5261: Property assessment questions (Real Estate Information) 757-393-8631: Real estate taxes: 757-393-8198. org. | Portsmouth Economic Development is your company’s liaison to access all our Smart City has to offer – infrastructure, accessibility, workforce and planning. It supports efforts to create more high-paying jobs through incentivized collaboration betweenAlso serving as vice chair of the Virginia Economic Development Partnership, the University of Virginia graduate has had direct involvement in securing several big-ticket projects: Amazon’s HQ2 East Coast headquarters in Arlington ($2. is primarily engaged in the production, grading, packing and sale of fresh shell eggs, includingEmpire initiated the project with the sale of $26 million in tax-exempt bonds issued through the West Virginia Economic Development Authority December 1 for dock and wharf facilities. | Portsmouth Economic Development is your company’s liaison to access all our Smart City has to offer – infrastructure, accessibility, workforce and planning. Pg. ) as part of. The EDA is governed by an independent Board of seven Directors who are appointed by the Warren County Board of Supervisors. 393. , Portsmouth, VA 23707. Economic Development Authority Meeting . (b) Qualifying activity means new construction or improvements to an existing structure totaling. Mr. Economic Inclusion Website /QuickLinks. The EDA is comprised of seven (7) City Council-appointed Commissioners serving staggered four (4) year terms. Economic Development Authority of the City of Portsmouth September 19, 2023 9:00 AM. The Chairman called the meeting to order at 8:02 a. m. He knew it 18 months ago when the Staunton City Council majority bloc took office, he said. Live Stream Sessions. ) of Title 15. Key Industries. — Portsmouth is hoping to bring new life to an area of the city described as underdeveloped by creating an Innovation District to attract new businesses. m. Portsmouth, Virginia. In FY21, Loudoun Economic Development welcomed news from Novais Partners, a national commercial real estate owner and developer, on plans for Rivana at Innovation Station, a 4. Both state and local tax rates are modest, with credits and other incentives available to many companies. January 18, 2023. Va. 17 Housing Urban Development jobs available in Nav Wpns Sta, VA on Indeed. Recent Census data show it’s finally caught up. Enter your business's information or find a new partner. Directory. Virginia Economic Development Incentive Grant The Virginia Economic Development Incentive Grant (VEDIG) is a discretionary performance incentive designed to assist and encourage companies to invest and create new employment opportunities by locating significant headquarters, administrative, or service sector operations in Virginia.