The Tobacco Region Incentive for Agribusiness Development (TRIAD) program is a tool for local governments in the Tobacco Region to attract new or expanding agriculture- and forestry-based businesses to their communities.
Program Overview:
- Applications made by political subdivisions of the Commonwealth to incentivize a private company committing to add new jobs and/or investment in a Tobacco Region locality.
- Benefiting businesses must add value to agriculture or forestry products from which they source at least 20% from Tobacco Region producers or otherwise bring substantial benefits to the region’s farmers and forestland owners.
- TRIAD grants are generally paid on a performance basis and require a dollar-for-dollar match from the applicant locality (at least 10%) and other incentive payments from public and certain non-profit sources.
- Grant award based on return-on-investment analysis to the Commonwealth (driven by new jobs and investment), impact on the region’s farmers and forestland owners (driven by company purchases), and factors that raise the quality and impact of the project.
- Localities and companies interested in this program should contact Commission staff to introduce the project, discuss whether or not it is a fit for the program, and describe the source of the applicant’s required matching funds.
PROGRAM DOCUMENTS
PROGRAM CONTACTS
Stephen Versen
Deputy Director
(804) 229-4824
SVersen@revitalizeva.org