LEESBURG, VA—With Virginia's economic development fundreportedly low in cash, Loudoun County economicdevelopment officials are considering a plan to ramp up their localincentive funding.

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The Loudoun Department of Economic Developmentwill request the board's economic development committee to increaselocal incentive funds to $1 million in order “to accommodate recentactivity and potential business retention and expansionprojects.”

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The increase in funding may be necessary since Loudoun Countyhas made two cash incentive offers to prospective clients—one for$450,000 and another for $500,000, according to the Loudoun DED.Neither incentive deal has closed, according to the WashingtonBusiness Journal.

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According to a Loudoun staff report, the Governor's OpportunityFund "is running out of funds." It has a bank balance of $7 millionwith commitments of about $26 million, including $950,000 forLoudoun projects. See story in the Washington Business Journal.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.