LEESBURG, VA—With Virginia's economic development fund reportedly low in cash, Loudoun County economic development officials are considering a plan to ramp up their local incentive funding.
The Loudoun Department of Economic Development will request the board's economic development committee to increase local incentive funds to $1 million in order “to accommodate recent activity and potential business retention and expansion projects.”
The increase in funding may be necessary since Loudoun County has 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 Washington Business Journal.
According to a Loudoun staff report, the Governor's Opportunity Fund "is running out of funds." It has a bank balance of $7 million with commitments of about $26 million, including $950,000 for Loudoun projects. See story in the Washington Business Journal.
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