Commonwealth’s Development Opportunity Fund (COF)
Commonwealth’s Development Opportunity Fund (COF) supports companies locating or expanding in Virginia by funding project costs through local governments to secure jobs and capital investment.
Funder: Virginia Economic Development Partnership
Due Dates: No application deadline stated
Funding Amounts: Negotiated cash grant; no award formula
Summary: Supports competitive company locations and expansions in Virginia that create jobs and capital investment.
Key Information: Grants go to local governments on behalf of companies and require a dollar-for-dollar local match.
Description
The Commonwealth’s Development Opportunity Fund is a deal-closing incentive administered by the Virginia Economic Development Partnership (VEDP). Used at the Governor’s discretion as a final resource when Virginia faces serious competition from another state or country, it helps secure company locations and expansions that create jobs and capital investment.
The fund can offset or reimburse project costs including site acquisition and preparation, transportation access, utility extensions or capacity improvements, broadband access, building construction or build-out, and training. VEDP considers the project’s return on investment alongside jobs, wages, investment, local economic conditions, the company’s growth potential, and diversification of the job base.
